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Chinese online cosmetics retailer Jumei has filed paperwork with the U.S. Securities and Exchange Commission for an initial public offering. It will trade under the ticker symbol of JMEI, and hopes to raise up to $400 million in funds from the offering
The site offers branded beauty products, fashionable apparel, and other lifestyle products to a Chinese market. It does so by leveraging currently popular sales formats, including curated sales, online shopping malls, and flash sales.
Founded in March 2010, the company’s total net revenues increased by 970.4 percent from $21.8 million in 2011 to $233.2 million in 2012, and further increased by 107.1 percent to $483.0 million in 2013.
After swinging to profitability to record a net profit of $8.4 million in 2012, Jumei has booked profits for seven straight quarters, according to the document.
The company now claimed more than 10.5 million users and has worked with approximately 1,700 suppliers and third-party merchants in 2013, including brand owners, distributors, resellers, and certain exclusive product suppliers
According to the Frost & Sullivan report, Jumei is China’s No. 1 online retailer of beauty products by gross merchandise volume, with a market share of 22.1 percent in 2013.
Despite pretty good performances, the company’s target raise of $400 million still seems a little difficult for Jumei to achieve at its current stage. Lefeng (aka LAFASO), an arch-rival of Jumei, sold a 75 percent stake in its company to Chinese online discount retailer VIPShop (NYSE: VIPs) earlier this year for $132.5 million.
This story originally appeared on TechNode.
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