LONDON — Shangpin, considered one of China’s earliest style e-commerce operators which had famously partnered with Topshop in 2014 on the shop’s aborted enlargement in China, mentioned Wednesday it was suspending operations indefinitely on account of an “unsuccessful financial restructuring.”
The transfer comes as no shock as the corporate has been enacting pay cuts and layoffs and having refund points in latest months, in accordance with native press in China.
Based in 2010 by David Zhao as a flash-sales web site, Shangpin expanded right into a full-price luxurious web site in 2012.
It had as soon as hoped to be a Shopbop-style platform promoting midrange luxurious items and designer manufacturers at discount costs, and was backed by quite a few funds equivalent to Chengwei Capital, Morningside Enterprise Capital and Steamboat Ventures.
Shangpin made international headlines when it managed to signal a web based unique license with Topshop in 2014 and promised to open 80 shops for the British retailer in 2016.
It by no means occurred, and Topshop’s mum or dad Arcadia terminated the collaboration final August and commenced to discover different alternatives to develop in China.
Regardless of opponents WeChat, Tmall, JD.com and Secoo taking on market share from Shangpin, the corporate might have set itself up for failure when it offered 90 p.c of its share to Hemei, a Shenzhen-based
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