Vipshop, an online “flash sales” retailer in China, has closed a $20m round of funding.
Investors include DCM and Sequoia Capital.
With over 1.5 million members across China, Vipshop focuses on offering premier foreign and domestic brand name clothing, accessories, cosmetics and designer household items at discounted prices in a limited time sales format.
The company intends to use the funding to expand corporate and marketing initiatives and investing in operation infrastructure.
Founded in 2008, Vipshop targets the fast growing Chinese middle class. The company works with over 400 brands, including leading Western and domestic distributors of brands such as Adidas, Esprit, Nine West, Kappa, Ochirly, GEOX and Triumph, providing them with the opportunity to distribute and meet the demands Chinese shoppers.