'Tuhao' is the Mandarin slang for it China's nouveau riche and below them are the tens of millions of people who make up the country's expanding middle classes together they encapsulate the burgeoning spending power catalysing the rise of high-end online retailers in China.
Among them is Secoo Holding, which this week announced a $175 million investment from consumer-focused private equity firm L Catterton Asia and China’s largest retailer JD.com.
The joint investment leaves both with a non-disclosed but substantial stake in the Beijing-based upscale e-commercial platform, which they see going from strength to strength as Chinese incomes grow and Chinese consumer...
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