Alibaba Invests USD15 Million In American Luxury WebsiteFebruary 6, 2014 | Print | Comments | Category: Business, Internet, Telecom & Wireless
Right before the Chinese New Year holiday, American high-end luxury website 1stdibs announced that the company has gained USD15 million from the Chinese e-commerce group Alibaba.
1stdibs focuses on the sale of retro designed jewelry, clothing, art, and luxury goods. Its main target consumers include designers, stars, and a high-end consumer group. Consumers can purchase from this website via the Internet, phone, mail, or at a physical store. With over 13 years of operation, the company gained total investments of USD117 million from many well-known investors such as Benchmark, Index Ventures and Spark Capital.
Statistics showed that the website traffic of 1stdibs doubled over the past six months and its online trading value and user registration also increased remarkably. So far, this website has reached many countries and regions around the world, including Germany, Australia, Belgium, Netherlands, Denmark, Sweden, Italy, and Spain.
With the strategic cooperation, Alibaba Group will invest USD15 million in 1stdibs. According to 1stdibs, the company will use the funding to accelerate its application on mobile devices, so as to enhance its leading position in the luxury market.
David Rosenblatt, president of 1stdibs, said in an interview with other media that 1stdibs did not actively looking for additional investment; however, they are glad to cooperate with strategic investors like Alibaba. Rosenblatt said China and Asia will have huge demands for luxury goods in the future, and will be the fastest growth regions. Relying on Alibaba's experience, 1stdibs will be able to develop the Chinese market, although it is not on the company's current development schedule.
Prior to this investment, Alibaba also invested in American e-commerce logistics company ShopRunner and mobile startup Quixey.
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