Vietnamese premium outlet online platform Leflair announced on January 12 its latest series-B funding round from GS Shop and Belt Road Capital Management of $7 million, bringing the company’s total financing to date to close to $12 million. The last series-A funding round of the company was $3 million and took place in January last year.
Following the flash-sales model that has proven successful in Europe (Vente-privee.com) and China (vip.com), Leflair offers a wide range of worldwide branded merchandise, from fashion and beauty to home, to Vietnamese consumers at attractive prices. Since its launch in December 2015, the company has grown on average more than 100 percent every year in gross merchandise value and is currently selling merchandise from more than 1,500 brands.
This funding round had the participation of two investors and also marks GS Shop’s first direct investment in Vietnam’s startup scene. “We are going to use this capital first to leverage the strategic partnership with GS as much as possible and increase our flow of merchandise from South Korea,” said Mr. Loic Gautier, Co-founder, and CEO of Leflair. “This means investing in hiring teams that will make this partnership a success and deploying resources in the areas of fulfillment, delivery, and technology.”
As demand for branded products continues to grow rapidly among Vietnamese consumers, Leflair will continue to invest in their cross-border operations and bring in more international brands, in particular from Asia’s largest shopping hubs to Vietnam.
“Since the launch of our international hubs in Singapore and Hong Kong last year, we have made hundreds of other brands accessible to Vietnamese consumers for the first time,” said Mr. Gautier. “International sales have been doubling every quarter. We believe cross-border is the future of e-commerce in Southeast Asia and with this additional funding our customers will soon be able to purchase even more brands from international hubs, in particular, South Korea and Japan while enjoying the same delivery experience as domestic deliveries.”
Growing its international operations is part of a bigger plan for Leflair to replicate its success in Vietnam in other Southeast Asian markets. “We started Leflair in Vietnam knowing that other markets with similar demographics are facing the same supply challenges,” he added. “2019 will be the year of our regional expansion as we progress towards our mission of making the world’s best brands accessible to more consumers in Southeast Asia.”
Leflair has closed a total of three rounds of investment from world-class angel investors and venture capital firms from the US, France, Italy, Singapore, Hong Kong and now from South Korea and Cambodia. The company was founded by Loic Gautier and Pierre-Antoine Brun, two French entrepreneurs currently living in Vietnam. Leflair is operating in Ho Chi Minh City and has offices and fulfillment centers in Vietnam, Singapore, and Hong Kong.
Source: Vietnam Economic Times