Shunwei backs Chinese quick-service hair salon operator

The proceeds will go towards expanding Xingkeduo’s store network, increasing brand awareness and upgrading its IT systems, said Wei Zhuang, the company’s founder and CEO, according to a Shunwei statement. Shunwei participated in Xingkeduo’s Series A round in September 2016.

Founded in 2015, the company offers wash and cut services that last 15-22 minutes – and combines speed with an online-to-offline model, allowing appointments to be booked via a mobile app. Alternatively, customers simply collect a ticket from a machine and wait in the store for their number to be called. The app can also be used to rate hairdressers, helping the company to manage staff training.

Xingkeduo has more than 100 outlets across cities including Beijing, Shanghai, Chongqing, and Hangzhou. Its main client base comprises young white-collar workers, which is why most stores are found in busy commercial districts of cities. The company claims to have served more than two million customers to date, 60% of them male.

China’s hair salon market is estimated to be worth around RMB400 billion per year. Given rising rental costs in major cities, the market is expected to subdivide into high-end salons offering various value-added hairdressing services and the likes of Xingduoke that satisfy the basic needs of customers at a much cheaper price, according to Zhuang.

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• Topics
• Greater China
• Early-stage
• Consumer
• Technology
• TMT
• China
• Venture
• Shunwei Capital Partners