![](https://e27.co/wp-content/uploads/2024/05/PopChill_pre_a_funding_news.png)
The PopChill group
PopChill, a luxurious resale market in Taiwan and Hong Kong, has secured US$3.1 million in a pre-Collection A extension funding spherical.
The traders embrace High Taiwan Enterprise Capital, 500 World, Acorn Pacific, ITIC, AVA Angels Fund, Acorn Pacific Ventures, and Darwin Ventures.
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The funding takes PopChill’s whole funding to US$6.2 million.
The startup plans to make use of the contemporary capital to achieve break-even in Taiwan by the top of this 12 months and expedite development within the Hong Kong market. It additionally plans to broaden into a brand new market, with Singapore as the first goal, inside this 12 months.
The worldwide resale luxurious market has doubled over the previous 4 years. In keeping with estimates from Bain & Firm, roughly US$49.3 billion value of second-hand luxurious merchandise have been offered worldwide in 2023. Taiwan and Hong Kong are among the many world’s highest per capita spenders on luxurious items. The estimated worth of luxurious private items is US$8.1 billion in Taiwan and US$3.2-5.4 billion in Hong Kong.
PopChill, a market for genuine second-hand trend luxurious gadgets, goals to faucet into this large alternative. {The marketplace} options over 100,000 gadgets in partnership with three of the highest ten luxurious resellers in Japan and suppliers from Taiwan and Hong Kong.
Its hottest manufacturers are Chanel, LV, and Hermes and so they contribute to 60 per cent of the entire revenues. Purses represent 80 per cent of gross sales, and PopChill plans to diversify into watches and jewellery within the subsequent six to 12 months.
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“The potential for luxurious resale in Asia is great and largely untapped, with no clear chief exterior China. The important thing to success is safety, and we’re reacting to this by continually enhancing our authentication processes,” stated Andy Kuo, co-founder of PopChill. “We’re assured in our potential to reach new markets as a result of not solely can we carry our expertise and know-how, but additionally our 1000’s of sellers who can ship cross-border.”
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