Xinshang

Xinshang (心上), founded in 2014 by Bowen Dong, operates as a customer-to-customer (C2C) e-commerce platform within China's burgeoning secondhand luxury goods market. The company has established itself as a significant player, providing a marketplace for pre-owned high-end items, including bags, shoes, watches, apparel, and jewelry. Headquartered in Beijing, the firm addresses the increasing demand from consumers for more affordable access to luxury brands, driven by both cost-effectiveness and a growing interest in sustainability.

The business model centers on creating an integrated system for the entire lifecycle of a pre-owned luxury product. Sellers, which include nearly 80,000 professional merchants, can list their items on the platform. A key component of Xinshang's service is its authentication process; the company employs its own experts to verify the legitimacy of goods before they are made available to buyers, building a foundation of trust in a market where counterfeits are a concern. This C2C framework generates revenue by taking a commission on the sales facilitated through its platform. Beyond transactions, the company offers a suite of related services, including product recycling, price evaluation, and after-sales care like cleaning and maintenance, aiming to be an all-in-one solution for luxury resale.

Xinshang has successfully navigated several funding rounds, indicating strong investor confidence. The company secured a Series A round in July 2015, followed by a Series B in November 2016. A significant milestone was the completion of a Series C funding round in January 2018, where it raised $50 million, led by investors such as Joy Capital and GGV Capital, bringing its total raised capital to over $53 million. This financial backing has supported its technological development and market expansion. The platform leverages the data accumulated from its transactions to refine its business operations, such as improving the accuracy of its price valuations. Operating in a market projected to reach over $30 billion by 2025, Xinshang is positioned to capitalize on the continued growth of the circular economy in China's luxury sector.

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