Chinese B2C e-commerce website Vancl.com announced that it will acquire the apparel e-commerce brand Crucco with an undisclosed amount of cash and equity.
The valuation of Crucco was reportedly over CNY10 million, but specifics are still not available. On the completion of the acquisition, the Crucco team will be merged into Vancl.
Chen Nian, founder and chief executive officer of Vancl, said this acquisition is based on the recognition of the strengths of Crucco's CEO Xu Xiaohui and its team. As a sub-brand of Vancl, Crucco will still be managed and operated by the Crucco team. In addition, Vancl will seek more acquisition opportunities in 2013.
Xu worked as assistant president of Vancl between 2009 and 2010, promoting the Internet marketing success of Vancl. After that, he created the lifestyle apparel brand Crucco. With over two years' operating experience, the Crucco website has reportedly achieved annual sales of over CNY10 million.
Starting from the end of 2012, Vancl set new goals for growth. With this acquisition, the company will be able to better meet customer demands, especially the diversified fashion demands of female users in China.