Private investment firm Comvest Partners acquires the financially troubled e-retailer, which filed for Chapter 11 bankruptcy protection in March.
The financing will enable The Luxury Club, which is the company's name in English, to accelerate its international brand partnership program and online promotional and sales activities.
NEW YORK (Sept. 26, 2011) – Chinese e-commerce company Hui She Shang (The Luxury Club) (www.huisheshangcorp.com) today announced the completion of its seed round financing by Parkview Ventures and Mousse Partners. The financing will enable The Luxury Club to accelerate its international brand partnership program and online promotional and sales activities.
The Luxury Club offers Chinese consumers authentic and brand-authorized luxury goods -- including beauty and cosmetics, watches and jewelry, fashion accessories, wines and spirits -- through its website at www.huisheshang.com and through targeted marketing and promotional campaigns. The Luxury Club has a strategic marketing cooperation with Taobao Mall (Tmall.com), China’s leading business-to-consumer online retail platform, which provides international brands access to the biggest online distribution channel in China.
Francis Gouten, Chairman and co-founder of The Luxury Club, and the former CEO of Richemont Group Asia Pacific, said: “It is our great pleasure to have Parkview and Mousse Partners Limited as our seed investors and partners. With their help we expect to establish The Luxury Club as the premier luxury e-commerce platform in the Chinese market, one that is dedicated to raising the bar in delivering quality service to Chinese consumers and to providing international brands a trusted distribution channel to the fastest growing luxury market in the world.”
Remi Chabrat, CEO and co-founder of The Luxury Club, added: “Thanks to our marketing cooperation with Taobao Mall, we are able to bring The Luxury Club’s brand partners an unparalleled distribution reach in China. The Luxury Club can help international brands with or without a physical presence in China introduce or expand their brand presence, engage directly with Chinese consumers throughout China, and provide a compelling consumer-brand experience.”
Laurent Ohana, Managing Partner at Parkview Ventures, who will join the Board of Directors of The Luxury Club, stated: “We are happy to be backing this experienced luxury management team as they partner with brands and Taobao Mall to meet the growing demand by Chinese consumers for a compelling luxury buying experience.”
Sherry Lin, Managing Director at Mousse Partners, who will join the Board as an Observer, added: “We believe that The Luxury Club is uniquely positioned to create a platform for luxury e-commerce in China. We are excited to be part of this effort at its inception.”
About Hui She Shang
Hui She Shang (The Luxury Club) offers beauty and cosmetics, watches and jewelry, fashion accessories, wines and spirits, and other luxury goods and services through its website at www.huisheshang.com and through targeted marketing and promotional campaigns. The Luxury Club is committed to offering Chinese consumers the highest quality goods and customer service by providing only authentic and authorized luxury branded goods. See www.huisheshangcorp.com. Contact: Francis Gouten, firstname.lastname@example.org, and Remi Chabrat, email@example.com.
About Taobao Mall.com
Launched in April 2008, Taobao Mall (www.tmall.com) is the leading online shopping destination in China with 48.5% market share of the country’s business-to-consumer (B2C) online retail market. An open B2C platform with more than 70,000 major multinational and Chinese brands offered by more than 50,000 merchants, Taobao Mall has established itself as the premier destination for authentic, quality products. In June 2011, it was separated from Taobao’s C2C marketplace and became an independent business. Tmall.com is the most visited B2C online retail website in China according to Alexa. Taobao Mall is wholly owned by Alibaba Group. Taobao Mall Contact: Justine Chao, firstname.lastname@example.org.
About Parkview Ventures
Parkview Ventures LLC (www.parkviewventures.com) invests in early stage web and mobile companies in the social networking, identity management and privacy, online advertising and e-commerce, data analytics and related digital economy sectors. Parkview’s affiliates, New York-based Parkview TMB LLC and Paris-based Ohana & Co. (www.ohanaco.com) provide strategic advisory and investment banking services worldwide to technology, media and telecommunications, luxury and retail, and pharmaceutical companies. Contact: Laurent Ohana, email@example.com.
About Mousse Partners Limited
Mousse Partners Limited is a New York based private investment firm with an office in Beijing. Mousse Partners follows a strategy that emphasizes alternative assets, particularly private equity and hedge funds. It has also invested directly in various companies primarily in specialty retailing, publishing, and e-commerce businesses located in the US, Europe and China. Contact: firstname.lastname@example.org.