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Chinese accessory chain Aiyaya obtains $16m from Fortune Capital

  • Alvina Yuen
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Chinese accessory chain Aiyaya has received RMB100 million ($16 million) from Fortune Venture Capital in what could be the largest investment in the domestic accessory industry.

This is also Fortune Venture Capital's first investment into the accessory market.

Established at the end of 2004, Aiyaya is one of the leading accessory chains in China. The company currently has thousands of stores in the country and is achieving sales in excess of RMB1 billion.

Revenue grew 40% and 30% year-on-year in 2010 and 2011 respectively. Ye Guofu, chairman of Aiyaya, expects the company's sales to expand by 20-30% in 2012.

He added that the investment from Fortune Venture Capital will allow Aiyaya to expand into e-commerce, logistics and animation businesses, with an aim to list the company in 2013.

Established in 2000, Fortune Venture Capital manages RMB10.5 billion and has invested in more than 150 enterprises, of which 26 companies have been successfully listed. It has also exited seven investments through M&A or buy-backs.

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