South Korean women's fashion e-commerce Queen It receives 10 billion won investment

According to the Korea Economic Daily, Lapo Labs, the operator of the fashion app "Queen It" for women aged 40-50, announced on the 26th that it has attracted 10 billion won in investment.

It is reported that this investment was led by Atinum Investment, and existing investors Softbank Ventures, Company K Partners, Base Investment and Klim Ventures participated in this investment again.

This investment attraction is the first since the completion of the Series A financing in January this year, five months ago. Including the Series A financing, Queen It’s cumulative financing amount to date is about 16.5 billion won.

Queen It is a fashion shopping app designed for middle-aged people who value quality over fashion , targeting female customers in their 40s and above. Before the birth of Queen It, there had never been a mobile fashion platform specifically targeting women aged 40-50 in the Korean market.

Currently, 80% of Quint’s users are women over 40 years old, and it has more than 300 brands, including BCBG and Marie Claire.

According to analysis, Queen It has been downloaded 1.7 million times since its launch in September last year , directly establishing the e-commerce platform's leading position in the 40-50 fashion e-commerce market. Compared with January, the transaction volume has surged more than 10 times.

Queen It plans to use this investment to strengthen the development of AI-based recommendation services, expand new product categories, develop designer brands, and focus on supporting the promotion of settled brands. To this end, Queen It also stated that it plans to conduct large-scale recruitment to attract outstanding talents.

Data from the National Statistical Office of South Korea showed that mobile shopping transaction volume increased by 29.4% year-on-year in the first quarter of this year , especially middle-aged people with high purchasing power are turning to mobile shopping.

Cui Ximin, co-CEO of Lapo Labs, said , "As the COVID-19 pandemic continues, brands aged 40-50 that are blocked from offline shopping are looking for new ways to survive through Queen It. We at Queen It will also strive to meet the beauty needs of female users aged 40-50."

In today's competitive e-commerce market in China and South Korea, vertical e-commerce still has a large space for survival. Especially in South Korea, a country with a developed fashion industry, fashion e-commerce still has huge market potential.

South Korea

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E-commerce