(Yicai Global) Sept. 18 -- The affordable luxury shop Shefenqi (www.shefenqi.com) has completed its pre-A round financing, and shifted its focus to female consumers and online 'buy now, pay later' market, the company announced on its website today.
The pre-A round financing was led by Guangzhou Haipeng Investment Management Co, with Shanghai FM Investment Management Co. also made investment. Shefenqi completed its angel investment ahead of pre-A round financing, reported 36Kr.
Shefenqi is owned by Guangzhou Weiyi Network Technology Co. It promotes online shopping of luxury goods and services with installment plans, and engages in online credit business. The product was launched in 2016, which focuses on female consumption trends and financing of online shopping.
About 62 percent of consumption in China is made by female consumers. The overall market scale of female consumers is over USD2.6 trillion. Compared to male consumers, female consumers buy more products with unit price of over CNY1,000 (USD152), says Su Rui, founder and CEO of Shefenqi. Currently, the unit value of consumption is about CNY2,000. The number of active users of www.shefenqi.com exceeded one million in about one year after its launch, while its monthly average growth speed of assets reached 30percent.
The platform has nearly 400,000 stock keeping units (SKU) of affordable luxury items, clocks, watches, cosmetics, and home appliances. It also provides extended value-added services such as maintenance of luxury goods.