In a strategic move to expand its global footprint, Peacebird Group, a well-known Chinese apparel retailer, has announced the acquisition of a prominent cross-border e-commerce platform deeply entrenched in the Middle Eastern market. This acquisition marks Peacebird’s official foray into overseas markets, particularly in Saudi Arabia, signaling a pivotal step in the company’s international expansion strategy.
The e-commerce platform acquired by Peacebird is named ChicPoint and is owned by Ningbo Qipao Technology Co., Ltd. Since its establishment in April 2020, the company has been focusing on cross-border e-commerce business and has quickly gained prominence in the Middle East region. ChicPoint platform, with its unique positioning and diverse product line, has successfully attracted a large number of female consumers overseas. Currently, the platform ranks among the top three e-commerce shopping platforms in the Middle East, covering a wide range of products including children’s clothing, women’s clothing, and traditional Muslim attire.
ChicPoint not only boasts a wide user base in the Middle East but also extends its business to markets in North Africa, South America, Southeast Asia, and beyond. According to statistics, the platform has accumulated over twenty million app users and has more than two million monthly active users. This massive user base has not only brought substantial transaction volumes to the platform but has also greatly promoted the development of domestic supply chain enterprises.
Data shows that in the first half of 2023 alone, ChicPoint achieved a cross-border e-commerce transaction volume exceeding 200 million RMB, with a growth rate as high as 60%. Peacebird’s acquisition of ChicPoint is not a coincidence but is based on its long-term considerations for internationalization strategy.
Peacebird, as a well-known domestic fashion brand established in 1996, has already laid a solid foundation in the Chinese market. Currently, Peacebird owns multiple fashion brands, including PEACEBIRD women’s clothing, PEACEBIRD men’s clothing, LEDIN, and minipeace children’s clothing.
As of the end of June 2023, Peacebird has 4174 stores nationwide, covering 305 cities. With the acquisition of ChicPoint, Peacebird will leverage its strong influence in the Middle Eastern market to further promote the internationalization of its own brand.
Peacebird has expressed that it expects ChicPoint to maintain a high-speed growth of 100% in the next 1 to 3 years. This expectation not only demonstrates Peacebird’s ambition for overseas markets but also reflects the increasingly prominent position of Chinese brands in global competition.
It is worth mentioning that in January 2024, the Zhejiang Provincial Department of Commerce announced the third batch of well-known Zhejiang cross-border e-commerce export brand list. ChicPoint, as a new face, was listed for the first time, which undoubtedly is a strong recognition of Peacebird and its cross-border e-commerce business.