Chinese online-plus-offline retailer KK Group raises $42m

CMC's involvement was confirmed to AVCJ by sources familiar with the transaction. 

KK raised a $100 million Series D last October led by the Electronic World Trade Platform (eWTP) Ecosystem Fund, an Alibaba Group-backed vehicle. The eWTP fund also led a RMB400 million Series C in March 2019. Shenzhen Venture Capital provided RMB15 million in seed round in 2016 and a RMB100 million Series A in 2017. A year later, Matrix Partners China led a RMB70 million Series B.

Founded in 2014, KK sells goods ranging from snacks to baby care products. It was rebranded as KK Group last year following the introduction of two new retail lines, KKV and Coloris, which focus on lifestyle items and make-up, respectively. 

The group operates an online-plus-offline model. An online marketplace is supported up by hundreds of offline stores in more than 70 cities. All make-up products can be tried in-store. Some outlets also feature full wall displays of lipsticks and facial masks that have become popular backdrops for visitors taking photos.

To offer the best shopping experience, Wu has implemented a policy of “no membership, no events, and no service.” The latter means clerks are discouraged from greeting customers or promoting products; they only appear when assistance is required.

The online-plus-offline model - as opposed to pure e-commerce - has become a mainstay of China's retail sector.

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• Topics
• Greater China
• Expansion
• Technology
• Consumer
• China
• e-commerce
• Ince Capital Partners
• China Media Capital