Vancl acquires online apparel retailer

Vancl (Beijing) Technology Co, an online clothing retailer, said on Monday it will acquire Crucco, a business-to-customer online apparel retailer, with cash and through a share-swap deal.

Crucco's valuation is at about 10 million yuan ($1.6 million).

Chen Nian, founder and CEO of Vancl, said that the deal was based on the recognition of the work done by Crucco's CEO Xu Xiaohui and his team.

Crucco will become Vancl's first sub-brand, and will continue to be operated and managed by Crucco's team.

Chen also said that Vancl will seek more brand acquisitions this year.

Established by Xu, the former deputy president of Vancl, Crucco's annual sales reached more than 10 million yuan since it started operations two years ago.

huangying@chinadaily.com.cn