LOHO Completes Series C Financing of US$100 Million Led by Centurium Capital2018-09-10
Beijing, September 10, 2018 – LOHO, China’s leading fashion eyewear brand, announced today that the company has completed series C funding of nearly US$100 million. The financing was led by Centurium Capital, and the capital raised is expected to be used to improve supply chain enhancement and brand promotion.
Founded in 2012, LOHO is the No. 1 online fashion eyewear brand in China, operating more than 400 stores nationwide in over 100 shopping malls and central business districts in major cities including Beijing, Shanghai, Guangzhou, Shenzhen, Nanjing, Chongqing, Chengdu and Changsha. So far, the company has completed three rounds of funding and early investors include Vertex Ventures, KTB Ventures and Sequoia Capital.
Huang Xinzhong, Founder and CEO of LOHO, commented, “We will increase investment in R&D of eyewear and improve user experience, and accelerate our growth.”
LOHO’s key competitive features are its innovative online/offline retail operating model and pioneering fashion eyewear brand positioning. With both online flagship stores and offline stores, consumers have both options to purchase glasses and search store locations, make reservations online and place orders.
LOHO is also a pioneer in M2C (manufacturing to consumers) model, backed by its efficient supply chain, to offer cost-effective eyewear products to customers. It takes only around 20 days from design to new product launch and its products on shelf are updated on a weekly basis. Each store offline is serviced by three to four stylists who are professional optometrists and fashion stylists. LOHO’s products include optical glasses, sunglasses, children’s glasses, sports glasses, glasses with special purpose and cosmetic contact lenses to meet customers for various occasions.
Gary Liu, Executive Director of Centurium Capital, said that the demand for glasses in China is very high, with a market size of nearly RMB100 million. With the rise of young consumers in recent years, the idea of wearing glasses as fashion accessory has been more and more accepted. LOHO’s deep insights in consumer behavior, efficient supply chain management, R&D capability, forward-thinking strategy has made it a leading brand of eyewear in China.