Chinese fashion resale platform Hongbulin – also known as Plum – which has luxury resales as its core business, has secured $100 million in its series C funding from second-hand trading platform Zhuanzhuan, the company announced this week.
Hongbulin said the investment marks the largest single financing in the country’s circular-fashion industry. The company has completed seven rounds of financing since its inception in 2017. The fund raised will be used to develop databases, service standardisation, and enhance user experience.
CEO of Zhuanzhuan Group, Huang Wei, said the second-hand resale market for women’s clothing and luxury products is massive and dominates the second-hand circulation industry in many countries. The partnership will allow Zhuanzhuan to expand its categories by adding more pre-loved fashion products to its platform.
Zhuanzhuan’s second-hand online platform covers dozens of categories, including mobile phones, 3C digital, books, clothing, shoes and hats, maternal and child products, furniture and household appliances, mainly in the C2B2C model.
The 2022 China Circular Fashion Industry Innovation Research report estimated the size of the circular fashion industry in the country will exceed US$13.7 billion by 2025.