KK Guan, a China-based online-to-offline retailer selling imported beauty and skincare products, has raised 400 million yuan ($60 million) in a Series C round, marking the first largest financing in the country’s retail sector this year.
The round was led by Alibaba‘s eWTP Science Technology Innovation Fund, with participation from Hongtai Capital and other existing investors Shenzhen Capital Group, Matrix China, Hongtai Capital and Bright Venture Capital, according to local media reports.
Launched in 2014 by Guangdong-based Dongguan Yide Network Technology, KK Guan offers various imported brands of skincare products via its online and offline platforms. It generates revenue from its offline shops while using online channels to display the products and create a community for its users to share their reviews and help boost sales indirectly.
It plans to use the proceeds from Series C to improve its supply chain, expand its offline channels and add more product lines.
36Kr reported that KK Guan has over 100 offline stores in China, with 10 per cent of total stores generating more than 1 million yuan ($150,000) in monthly revenue.