Cathay Innovation, a global venture capital fund affiliated with Sino-French private equity firm Cathay Capital Private Equity, has led a US$15 million series B2 financing round in MagMode, a Chinese men’s fashion start-up. Chinese venture firm Sinovation Ventures also participated in the round, which follows a RMB50 million (US$7.5 million) B1 round led by IDG Capital Partners that the company completed in May. The start-up previously raised nearly US$10 million led by Ventech China in 2016. Beijing-based MagMode plays into the popular “consumer upgrade” theme among venture capitalists in China. The company incubates creative man’s fashion designers, targeting the rising middle-class consumers. What’s unique about the company is that it targets men, an often overlooked consumer group in China. Women are the most important spenders in the country, taking around 80% to 90% of the cosmetics e-commerce market, over 70% of the group buying market and over 60% of the general e-commerce market. Founded by a group of Chinese media and clothing industry pioneers led by the former editor-in-chief at GQ and Modern Weekly in China, Cai Chongda, MagMode first opened a concept retail store in Beijing’s upscale Sanlitun district last May. Since then, it has opened a total of …

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