Luxury resale marketplace PopChill has recently secured US$3.1 million in a pre-Series A extension funding round, aimed at facilitating its expansion efforts in Singapore. The investors involved in this funding round include Top Taiwan Venture Capital, 500 Global, Acorn Pacific, ITIC, AVA Angels Fund, Acorn Pacific Ventures, and Darwin Ventures.
This influx of capital brings PopChill’s total investment to US$6.2 million. The company intends to utilize these funds to achieve break-even status in Taiwan by the end of the year, accelerate growth in the Hong Kong market, and establish a presence in Singapore within the same timeframe.
The global luxury resale market has witnessed substantial growth in recent years, with estimates indicating a doubling in size over the past four years. According to Bain & Company, approximately US$49.3 billion worth of second-hand luxury products were sold worldwide in 2023. Notably, Taiwan and Hong Kong boast some of the highest per capita expenditures on luxury goods globally, with the luxury personal goods market valued at US$8.1 billion in Taiwan and US$3.2-5.4 billion in Hong Kong.
PopChill positions itself as a marketplace for authentic second-hand fashion luxury items, featuring a catalog of over 100,000 items in collaboration with three of Japan’s top ten luxury resellers, as well as suppliers from Taiwan and Hong Kong. The platform’s most popular brands include Chanel, LV, and Hermes, accounting for 60 percent of total revenues. Handbags represent 80 percent of sales, with plans to diversify into watches and jewelry within the next six to twelve months.
Andy Kuo, co-founder of PopChill, highlighted the substantial untapped potential for luxury resale in Asia, emphasizing the company’s commitment to enhancing security measures to ensure authenticity. Kuo expressed confidence in PopChill’s ability to succeed in new markets, citing its technological expertise and extensive network of sellers capable of facilitating cross-border transactions.
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