Ycloset operates a clothing-rental marketplace where customers pay a monthly fee to change an unlimited number of items, with no extra charge for delivery or cleaning (for example, 499 yuan per month). Founded less than two years ago and based in Beijing, the firm works with brands whose average apparel price is about 1,500 yuan, including Kenzo, Acne Studios, Self-Portrait, Zara and Topshop. Apparel brands have supplied clothes for free, and Ycloset pays brands rentals or some costs if items are purchased by consumers. The company has more than 5 million users, the majority aged 22–35, mostly college graduates living in first- and second-tier cities with incomes of 8,000–20,000 yuan. Ycloset says it is investing in improving its online system and operations and is working on data analysis to better match consumers and products. Operational expansions include a self-run cleaning operation in Beijing, a partnership with Fornet China for washing and maintenance, and a new Shanghai storage facility launched on Sept 1 to shorten delivery times.

Total raised

$50M

Funding rounds

1

Latest round

Equity

Latest activity

Sep 2017