Leflair, a Vietnamese e-commerce platform that sells premium brands, has raised a US$3 million funding in a Series A round led by Capital Management Group.
The company will use the newly-raised money to bring in more international brands to Vietnam via their cross-border hubs overseas, ramp up its platform tech and improve its warehousing operations.
Founded in 2015, Leflair aims to be the “go-to destination for more premium, higher-priced and higher-quality fashion, beauty and home brands.” Loic Gautier, Co-founder and CEO of Leflair, makes it clear that its e-commerce platform is not a marketplace.
“A marketplace does not offer the same level of quality and authenticity control as compared to an inventory model – It’s incompatible with its very essence which promotes direct and frictionless transactions between individual or professional merchants and customers,” says Gautier.
“As we sell large volumes in a short time and on a narrower assortment as opposed to marketplaces selling a few items from thousands of different products, our capacity to negotiate with brands allows customers to buy more at the best value.”
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Leflair uses a flash-sales model, allowing customers to purchase premium brands at up to a 70 per cent discount.
Currently, the company registered over 700,000 members and partnered with 1,100 local and international premium brands. It claims it has exprienced a twofold increase in revenue and active customer base YoY, and that 30 per cent of its customers spend an average of US$100 every month on the platform.
Leflair has raised almost US$5 million to date. The company’s previous investors include Google’s VP for India and Southeast Asia Rajan Anandan, the CEO of German consulting firm Roland Berger Charles-Edouard Bouee, and various other VCs from across the globe.
Image Credit: Leflair