Shopal secures round of funding

Shopal, a new luxury brand group in China, has secured series B+ funding worth 200 million yuan ($29.1 million) and led by fashion leader Youngor Group Co Ltd.

Additional funds come from existing stakeholder Cathay Capital, the Shanghai-based firm said. Previous investors include Lianjie Capital, Dianliang Capital, SOSV and its accelerator, called Chinaccelerator.

Proceeds in this round will help the company fuel its new luxury brand landscape, as well as the technology needed to consolidate its strength in promoting new luxury products, the company said.

Founded in 2017, Shopal has established China's first full-chain international luxury brand group by developing cross-border and scalable trade, order and supply plans, warehousing and logistics, as well as marketing systems.

Through licensing, joint ventures and acquisitions, the company manages the entire ecosystem, from flagship store to all-channel coverage, and introduces international luxury brands to China. It also features social commerce and content marketing to help brands thrive on the country's booming online shopping platforms.

It has also launched its own luxury retail chain stores under the brand Bonnie & Clyde via strong online and offline retail presence and technology platforms. China will cement its status as the sweet spot for luxury goods companies in 2018, with younger Chinese shoppers in particular powering sales to grow up to 22 percent this year, according to global consultancy Bain & Co.