(Yicai Global) Sept. 5 -- Coterie, a China-based distributor of designer glasses, has raised tens of millions of yuan in A-round financing led by Panda Capital and backed by Hermal Group.

The firm will use the proceeds to open stores in major cities, form strategic partnerships with Chinese brands, expand its global sales channels and upgrade marketing, Jiemian News reported, quoting Liang Juesi, Coterie's chief executive.

Coterie sells more than 100 brands of glasses, including avant-garde designers, native Chinese brands, popular global names, high-end luxury makers and handcrafted eyewear brands.

"China's consumer upgrading and 'new retail' create opportunities for new-generation customers," said Mao Shengbo, a partner at Panda Capital. "Fashion is a fast-evolving business. People want to stay trend and always want new things, meaning products have a short lifecycle. We think select shops, like Coterie, that bring together different brands represent a good new retail model that is suitable for venture capital investors. They could be called fashion brand management firms."

Coterie began in brick-and-mortar stores in 2012. It has stores in upscale and landmark shopping centers in 17 first- and second-tier Chinese cities, and hopes to have more than 30 outlets by year-end.