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China-focused pet goods startup draws Zozo founder's fund as investor - nikkei
ByAinvest
Friday, May 17, 2024 9:38 pm ET1min read
China-focused pet goods startup draws Zozo founder's fund as investor - nikkei
The Chinese pet industry has experienced remarkable growth in recent years, with the number of pet owners and the value of pet-related businesses skyrocketing [1]. This burgeoning market has attracted the attention of investors, including the founder of Japanese fashion giant Zozo, who recently poured funds into China's largest pet-focused platform, Boqii [2].
Boqii, established in 2008, has emerged as the leading player in China's pet industry, boasting the largest pet-focused online community, online retail platform, and annual revenue [2]. The company began as a social platform for pet owners and lovers, allowing users to share experiences, learn about pet care, and connect with other pet enthusiasts [2]. In 2014, Boqii launched its mobile app, which quickly became the largest pet-focused online community in China, with millions of registered users and average monthly active users [2].
The company's success can be attributed to its comprehensive offerings, which cater to all aspects of pets' lives. Boqii Mall, the company's e-commerce platform, provides access to over 17,000 products from over 570 brands [2]. Boqii also launched its own brand, Yoken, in 2015, offering around 1,300 SKUs [2].
The Chinese pet industry's growth is driven by several factors, including the country's expanding middle class, changing consumer preferences, and increasing awareness of the benefits of pet ownership [1]. According to a report by PwC, the market for pet dogs and cats in China was valued at over 200 billion yuan ($31.36 billion) in 2021 and is expected to grow steadily, reaching over 400 billion yuan in 2023 [1].
Boqii's latest investment, backed by the founder of Zozo, is a testament to the potential of the Chinese pet industry. With its comprehensive offerings and growing market, Boqii is well-positioned to continue leading the way in this exciting and dynamic sector.
References:
[1] PwC. (2022, November). China Pet Industry Report: November 2022. Retrieved from https://www.pwccn.com/en/services/deals-m-and-a/publications/china-pet-industry-nov2022.html
[2] GlobalPetIndustry.com. (2021, October 19). China's Largest Pet-Focused Platform Boqii Launches IPO on US Stock Exchange. Retrieved from https://globalpetindustry.com/article/chinas-largest-pet-focused-platform-boqii-launches-ipo-us/
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