Cross-Border Leisure-Wear Firm Doublefs Raises $100 Million
(DealStreetAsia) — Doublefs, a cross-border fashion e-commerce platform, has closed a new round of financing raising as much as $100 million, per its announcement on Friday.
Sequoia Capital China, IDG Capital, 5Y Capital, HIKE Capital and Capital Today have joined the round.
Doublefs had secured about $30 million in its angel round last year at a valuation of $150 million.
Doublefs founder Jocey Zhang is a former chief technology officer at SoftBank-backed car trading firm Chehaoduo and has served stints with Microsoft, The Walt Disney’s holding video platform Hulu and Chinese financial and wealth management player CreditEase.
With headquarters in Beijing, Doublefs’s platform specializes in sports & leisure clothes. In an internal letter, Zhang claimed that it will provide quality yet affordable fast-fashion products to global consumers through building an advanced supply chain in China and Southeast Asia.
Statistics show that China’s cross-border e-commerce imports and exports reached 419 billion yuan ($66 billion) in the first quarter of this year.
In April, another fast-fashion e-commerce brand CHICV hit headlines when it received $50 million in a Series B round of financing led by tech giant Tencent Holdings. The round was joined by Fivestar Holdings’ investment arm Focustar Capital.
China’s emerging fast-fashion cross-border brands include Shein, which generated nearly $10 billion in annual revenue in 2020, CHICV, Zaful, Jollychic, Doublefs, among others.
Contact editor Flynn Murphy (firstname.lastname@example.org)
This story was first published in DealStreetAsia.
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