DCM, Sequoia invest Chinese online retailer Vipshop
Venture capital firms DCM and Sequoia Capital have backed Beijing-based online retailer Vipshop, investing a total of $20 million in the company's first round of financing.
Since its incorporation, Vipshop has attracted many users with its low-cost lineup of name-brand fashion wear, including Adidas, Esprit, Nine West, Kappa, Ochirly, GEOX and Triumph, and now claims over 1.5 million members. DCM General Partner, Hurst Lin said publicly, “for the 120 million middle class in China, who have a new appetite for chic Western brands at an affordable price point, Vipshop is a natural choice, especially for global brands looking to take advantage of this market opportunity in China.”
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