Hong Kong e-commerce fashion e-tailer GRANA announced that it is raising US$10 million for its Series A round led by Alibaba Group under The Hong Kong Entrepreneurs Fund.
This is to support GRANA's expansion plans in the U.S. and to build out its product offering into new categories with sportswear, bags and accessories.
The start-up continues to experience over 15 percent month-on-month growth in sales since its launch in October 2014, according to a press release by GRANA on 4 October 2016.
With the new round of funding, GRANA plan to expand its presence in the U.S., which is its largest international market. They would be setting up their first pop-up showroom experience in New York. Customers will be able to try offline and buy online, as well as build a local New York team to cater for its increasing customer base in the market.
To help strengthen GRANA's market reach in Asia, Alibaba is also partnering GRANA for its market entry plan into mainland China.
Worldwide retail e-commerce sales is forecasted to reach US$3.6 trillion in 2019, according to eMarketer. The Asia Pacific (APAC) region is projected to account for 41 percent of global retail e-commerce sales, followed by 21 percent from North America.
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