VC-backed Chinese children’s clothing retailer signs Disney deal
Greenbox, a venture capital-backed Chinese online retailer specializing in children’s clothes, has agreed to integrate Disney brands into its product lines. The Chinese company will design clothing lines inspired by Disney franchises including Mickey Mouse, Winnie the Pooh and the Princess brands and sell them via its website as well as through third-party channels such as Taobao.
Greenbox has so far raised $18.8 million through two rounds of financing from DCM and Trustbridge Partners. Despite only having been in existence for three years, the company claims to be China's fastest growing online children's clothing brand, with sales increasing fourfold year-on-year. Three of its in-house brands are said to be the top sellers on Taobao.
The children's clothing market in China was worth $13.3 billion in 2010, and is growing by 17-20% per year, according iResearch. By 2015 it is estimated the industry will be valued at more than $23.4 billion.
DCM has invested in a string of Chinese online retail companies. In April, it participated in the $50 million Series C round of financing for travel booking website Tuniu.com, alongside Sequoia Capital, Highland Capital and Japan's Rakuten Group. A month earlier, DCM and Sequoia contributed $50 million to Guangzhou-based online retailer VIPshop as part of a Series B round of funding. The companies backed the $20 million Series A round in 2010.
Also last year, DCM and SAIF Partners led the $15 million Series B round of funding for 58.com, a classified ads website.
Trustbridge's portfolio companies include Qihoo 360, China's leading internet and mobile security products provider, which raised $175.5 million through its IPO in the US earlier this year.
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