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China's Venturous Group invests in AI-based fashion startup WeStyle.ai

19
Jul '21

Pic: Shutterstock

Venturous Group, China's first Citytech Group, is establishing a foothold in China's fast-growing $220 billion online apparel, footwear, bags and accessories market by investing an undisclosed amount as the lead investor in the Series A funding round of AI-based fashion start-up WeStyle.ai. The investment is Venturous' first in smart commerce.

China's market for online fashion is the largest in the world. It is already the largest e-commerce category in China and is expected to reach $450 billion in annual sales and represent 45 per cent of the global market by 2025. With new and disruptive technologies, such as Artificial Intelligence (AI) and live streaming, business opportunities that weren't accessible until recently are suddenly possible, the Group said in a press release.

Benson Tam, founder and chairman of Venturous Group, said: "We see WeStyle.ai as a terrific opportunity: a brilliant tech product and platform, as well as a unique business idea and model that is easily scalable. But ultimately, our investment decision came down to the people: WeStyle.ai's co-founders have an extensive and proven entrepreneurial track record of combining Deep Tech and lifestyle. This fits very well into Venturous' ecosystem investments."

Dr Song Li, co-founder and chairman of WeStyle.ai, said: "Chinese fashion e-commerce represents a fantastic opportunity. The market is already enormous and growing at an unprecedented rate. WeStyle.ai is in a unique position to take a leadership role in expanding personalised online styling services for this retail segment. Our research shows that consumers are fed up with looking through an overwhelming number of products to find items that best suit their styles and body types. By leveraging rapidly advancing AI technologies, combined with the personal touch of human stylists, WeStyle.ai has a very compelling proposition for this immense target group of mass market fashion consumers."

Fibre2Fashion News Desk (KD)

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