Beijing-based online retailer Jumei plans to hold its initial public offering in the U.S. In its SEC filing over the weekend Jumei, which offers daily deals on fragrances and cosmetics, said it wants to raise up to $400 million, but did not disclose which exchange it will list on. The company was founded in 2009 and its investors include Sequoia Capital. Jumei says it is China’s largest online beauty retailer and held a 22.1% market share and 10.5 million customers in 2013. During that fiscal year the company made $483 million in sales.
Chinese online cosmetics retailer Jumei has filed paperwork with the U.S. Securities and Exchange Commission for an initial public offering. It will trade under the ticker symbol of JMEI, and hopes to raise up to $400 million in funds from the offering The site offers branded beauty products, fashionable apparel, and other lifestyle products to a Chinese market. It does so by leveraging currently popular sales formats, including curated sales, online shopping malls, and flash sales. Founded in March 2010, the company’s total net revenues increased by 970.4 percent from $21.8 million in 2011 to $233.2 million in 2012, and further increased by 107.1 percent to $483.0 million in 2013. After swinging to profitability to record a net profit of $8.4 million in 2012, Jumei has booked profits for seven straight quarters, according to the document.
