Glamour Sales Holding Limited, an Asian-based online retail marketplace, has completed its $13m first round of financing.
Investors in the round include AXA Private Equity and Mandra Capital.
Glamour Sales, which operates online retail marketplaces through invitation-only memberships, offering significant discounts on branded designer goods and lifestyle services, was founded in Japan in August 2009 by a team of experienced entrepreneurs.
The company will use the capital to expand its operations in Japan and launch an online marketplace in China. AXA Private Equity will provide a significant proportion of the funds required by Glamour Sales for its expansion drive while Mandra Capital will play an active role to assist the company in deriving and executing its future strategic development, corporate finance and merger and acquisition strategies.
The e-commerce business model of online private sales has seen rapid growth in Europe and in the US in recent years and is poised to take off in Asia.
On this point, Song-Yi Zhang, a Director of Mandra Capital, said: “As luxury goods demand continues to be fuelled by the rapid economic development in Asia, the growth potential of Glamour Sales is simply unlimited”.
The company has already completed more than hundred private sales events with leading international fashion, cosmetics, jewellery, hotel and lifestyle brands.