Mingxieku

About Mingxieku

Mingxieku (s.cn) is an e-commerce company specializing in the online retail of athletic footwear and apparel, established in China. Founded on October 31, 2008, by Xu Songmao, the company emerged during the global financial crisis with the objective of providing consumers with authentic, discounted brand-name shoes. Xu Songmao, who holds a degree in physics from Xiamen University, transitioned from an engineer at the Chinese Academy of Sciences to the foreign trade industry before becoming a serial entrepreneur. His experience culminated in founding Aidi Shoe Industry in 2003, which grew into a significant shoe exporter, providing him with deep industry knowledge prior to launching Mingxieku.

The company's business model is twofold, encompassing both direct-to-consumer online sales and providing brand operation services for other companies. Initially, Mingxieku focused on a lean inventory strategy, concentrating on the top 20% of best-selling items to ensure high turnover and reduced capital pressure. This strategy was complemented by establishing a presence on major third-party e-commerce platforms rather than relying solely on its own website, effectively placing their products where customer traffic was highest. The platform sells products from over 20 brands.

A significant milestone in the company's history was its acquisition by the publicly listed sportswear company, Guirenniao. In August 2016, Guirenniao acquired a 51% controlling stake for approximately 383 million RMB. Subsequently, in 2017, Guirenniao purchased the remaining 49% for 367 million RMB, making Mingxieku a wholly-owned subsidiary in a deal totaling nearly 750 million RMB. This acquisition was part of Guirenniao's strategy to expand its online channels and implement a multi-brand, multi-channel layout. By 2015, Mingxieku had demonstrated significant sales volume, achieving over 150 million RMB in a single day during the "Double Eleven" shopping festival.