Warburg Pincus, KPCB to invest $100 mln in Xiu.com

HONG KONG Wed Aug 17, 2011 3:18am EDT

HONG KONG Aug 17 (Reuters) - U.S. private equity firm Warburg Pincus LLC and venture capital firm Kleiner Perkins Caufield & Byers will jointly invest $100 million in China fashion shopping website operator Xiu.com, a source with direct knowledge of the matter told Reuters on Wednesday.

This will be the second round of funds raised by Xiu.com after KPCB invested $20 million in March.

The distribution of the investment is not clear.

"Warburg Pincus plans to increase its investment in the company later," the source said.

Xiu.com had forecast 2011 sales at 1 billion yuan ($156.7 million), up from 250 million yuan last year, the source said.

Founded in March 2008, Xiu.com is an e-commerce company retailing fashion brands, including Louis Vuitton, Coach and Chanel.

Shenzhen-based Xiu.com has buyer offices in New York, Los Angeles and Miami in the United States, and Australia, Britain, France, Hong Kong, Japan, Italy and South Korea. ($1 = 6.383 yuan) (Reporting by Huang Yuntao; Editing by Chris Lewis)

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