Online Handbag Retailer Mbaobao Obtains USD 30 Mln Funding
Sohu IT, 9/16/10
Ye Haifeng, CEO of Chinese online handbag B2C e-commerce firm Mbaobao, has disclosed that the company has USD 30 mln in first-round funding from Doll Capital Managment and Legend Capital.
In terms of future development, Ye stated that Mbaobao had not yet begun seeking a second round of funding, and that the company had no plans to pursue an IPO any time in the next 1 to 2 years. Ye also said that Mbaobao's sales revenues this year were 8 to 10 times that of the same period last year.
Mbaobao was established in September 2007, with angel funding from the Italian handbag firm Visconti Diffusione SNC. Mbaobao established the "European Mbaobao Fashion Research Center" in Italy, and a self-built production base in Jiaxing, Zhejiang Province. Mbaobao.com has approximately ten thousand varieties of handbags, including products designed for fashion, business, leisure, outdoor sports and other purposes.
Currently, the vast majority of Mbaobao's sales come from Alibaba Group's C2C and B2C e-commerce site Taobao.
Keywords: Ye Haifeng apparel Mbaobao e-commerce Internet B2C 0861.HK Doll Capital Management Legend Capital
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