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China|Rapidly growing fashion magazine YOHO! opens real shop after EC with 1400 brands

Oct 10, 2018.Siqi DaiNanjing, CN
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China's largest fashion event "YO'HOOD 2018" ended in Shanghai on Sep. 2. Chinese fashion magazine YOHO! has expanded its event and EC business in a short period, and YOHO! as brand has grown rapidly as an influential platform in China.

YOHO! group headquartered in Nanjing was founded in 2005, then established subsidiaries in Beijing, Shanghai, Guangzhou, Hong Kong and Tokyo. It has currently 1074 employees, and the average age is 28. The group is focusing on becoming a leader in China's fashion industry, and its main project is media + retail + event such as YOHO!, YOHO!GIRL and YOHO!NOW APP (media), YOHO!BUY, YOHO!STORE Nanjing (retail), YO'HOOD (event) as well as YOHOPE (fashion brand) and mars APP (app). In 2017, YOHO! group's GMV (total sales of distribution) reached 3.4 billion RMB (*about 49.1 million dollars), which is expected to grow by 50% in 2018.

YOHO! which first started from fashion magazine entered EC business from 2008 when Chinese online market began to develop, and in the same year YOHO! developed whole systems related to EC such as selling, ordering and EC’s BI system. Currently, more than 1400 fashion brands participated in YOHO!BUY, and it includes celebrity brands like NPC, SUBCREW and SMG.

However, Chinese EC market is approaching saturation since the beginning of 2017. The cost for increasing new customers online is getting higher and higher. In October 2016, Alibaba’s Jack Ma proposed a new retail business, and major EC companies also changed their eyes to offline strategy.

In the beginning of 2018, two major companies in BAT**, Alibaba and Tencent, expanded their new retail businesses and then NetEase and announced that they also focused on offline. With deep understanding of fashion culture and sharp sensitivity to business, YOHO! again develops its offline strategy at this timing.

In October 2017, the first stage store of YOHO!’s offline project YOHO!STORE which had been constructed over 3 years and has 1st and 2nd floors, 1500 m² in total, pre-opened in Nanjing, the 3rd floor and the basement  will be opened in the fall of 2018. In addition, YOHO!BLU, the select shop for street brands, will be appeared in Shanghai, October this year. YOHO! will continue to focus on brick-and-mortar stores and is planning to open in major cities. Moreover, the group aims to turn the city into a sacred place of Chinese fashion culture similar to Harajuku (Japan) and SOHO district (New York).

*1 RMB=0.14 USD at Oct.10
**BAT means 3 major Chinese internet companies: Baidu, Tencent and Alibaba