Xiu.com Raises $100 Million From Warburg and Kleiner Perkins
@amitchowdhry or on Google+ at +AmitChowdhry
Xiu.com is a Chinese e-commerce website that sells luxury goods. The company has raised $100 million from Warburg Pincus LLC and Kleiner Perkins Caufield & Byers. Kleiner Perkins also put in $20 million into Xiu.com this past March.
Xiu.com expects to quadruple sales to over 1 billion yuan ($156.6 million) this year. China is expected to become the world’s third-largest luxury retail market in the next five years said Bain & Co. on May 3rd. Xiu.com started in 2008 and claims to be China’s #1 e-commerce website for luxury goods, offering over 3,000 brands.