Chinese e-commerce fashion website Xiu.com announced recently that they have raised $20 million in a round of funding from Kleiner Perkins Caufield and Byers. Xiu.com said that they plan on using the new funds to increase their negotiating and purchasing power with big fashion names.
Xiu was founded in March 2008 and they specialize in mid- and high-end fashion items. Xiu sells accessories, shoes, purses, beauty supplies, etc. Their inventory has over 2,000 brands and 30,000 items altogether. They have about 2 million customers.
Xiu has buyer offices in Australia, Paris, London, Italy, L.A., New York, Hong Kong, and Japan. Xiu plans on investing $30 million in expanding their stock and service quality over the next two years.