Xiu.com

About Xiu.com

Xiu.com carved out a niche in China's burgeoning e-commerce landscape by focusing on cross-border luxury and fashion retail. Established in March 2008 by entrepreneur George Ji Wenhong and private equity investor Huang Jin, the Shenzhen-based company aimed to bridge the gap between Chinese consumers and international brands. Ji Wenhong, who began his career in exporting, pivoted to importation with Xiu.com, identifying a significant market opportunity. The founders initially prioritized investing in a global team of buyers to source foreign brands, a strategy that set them apart from competitors who were focused on heavy advertising.

The company operated as a comprehensive B2C platform, providing international brands with a one-stop solution to enter the complex Chinese market. This service encompassed everything from localized content management and marketing to cross-border fulfillment, payment processing, and customer service. Xiu.com's business model was centered on direct partnerships with overseas companies, allowing it to offer in-season fashion products to Chinese consumers. Its inventory was a mix of luxury goods, well-known overseas brands, and local Chinese brands, catering to a range of price points. The platform featured an extensive catalog of over 150,000 items, including apparel, leather goods, accessories, cosmetics, and footwear for men, women, and children. By 2015, Xiu.com had cultivated partnerships with over 600 overseas companies, including prominent names like Salvatore Ferragamo, Hugo Boss, and eBay.

Xiu.com achieved several significant financial milestones, reflecting strong investor confidence. In April 2011, the company secured a $20 million Series A funding round from KPCB. This was followed by a substantial $100 million Series B round in August 2011, led by Warburg Pincus. The company's growth trajectory continued with a $30 million Series C round in May 2015, led by Pacific Venture Partners, with intentions to use the funds to strengthen its supply chain and prepare for a potential IPO. At its peak, the platform boasted over 10 million registered users. However, the company's journey took a dramatic turn in 2017 when CEO Ji Wenhong was arrested in connection with a smuggling investigation, which alleged the company had used illicit channels to import goods and evade taxes. Following this event, public information regarding the company's operational status has become scarce, and PitchBook recorded it as out of business in May 2020.