Online Clothing Retailer PPG Receives US$100 Million
Filed in archive Private Equity on September 28, 2008
TRENDSnIFF reported last week that online men's apparel retailer PPG (Perfect Products Group) "bagged US$100 million in fourth-round financing from an unnamed American department store operator."
PPG was started in October of 2005 as one of China's first business-2-customer online retailers. A recent Xinhua story said that about 40% of China's netizens had purchased something online and that the number was expected to climb to 60% by net year.
PPG announced in March that it had a Nasdaq IPO in the works; but the current financial crisis on Wall Street has delayed that for as much as four to five years.
TRENDSnIFF said that PPG's business increased in 2007 by 50 fold over the previous year. PPG is based in Shanghai.
The company's previous investors include: TDF Capital, JAFCO Asia, KPCB and San Shan Capital Partners.
Photo courtesy of iStockphoto, Sándor F. Szabó
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