In the competitive world of Amazon fashion, one Chinese cross-border e-commerce company has mastered the art of creating viral products. Zibuyu Group, headquartered in Hangzhou, has built an impressive portfolio of bestsellers while quietly preparing for its Hong Kong IPO.
A Decade-Long Journey to the Public Market
Zibuyu's path to going public reflects the resilience of China's e-commerce entrepreneurs. Founded in 2011, the company saw its listing applications expire twice before successfully passing its Hong Kong exchange hearing in October 2022. The third attempt proved successful, with shares scheduled to trade between October 31 and November 4.
The Platform Strategy: Leveraging Amazon's Ecosystem
Zibuyu's business model demonstrates remarkable platform dependence. The company operates 696 online stores across major e-commerce platforms, having expanded from Tmall in 2012 to Amazon in 2014, then Wish in 2015. This expansion paralleled the global rise of cross-border e-commerce.
By 2018, Zibuyu surpassed ¥1 billion in GMV, doubling that figure by 2020 to become China's leading B2C apparel and footwear exporter. However, this heavy reliance on third-party platforms presents both opportunities and risks—a cautionary tale for all digital merchants.
The Viral Product Engine: 300 Brands, 87 Million-Sellers
Zibuyu's prospectus reveals a staggering product development capability. While primarily focused on apparel and footwear, the company also sells electronics, stationery, and sporting goods across 300 proprietary brands. Among these, 87 generate annual sales exceeding ¥10 million, with 6,473 individual SKUs achieving bestseller status by mid-2022.
Three case studies illustrate Zibuyu's formula for Amazon success:
- Imily Bela (Knitwear): Achieved 36.1% sales growth (2018-2021) with 41.8% GMV expansion, moving over 210,000 units in H1 2022 through precise trend forecasting and quality control.
- Runcati (Men's Casual): Its linen shirt series sold 410,000 cumulative units, consistently ranking among Amazon's top three in its category through targeted audience positioning.
- Cicy Bell (Women's Fashion): With 470,000 lifetime sales, this brand topped Amazon's charts twice (December 2020 and February 2022) via trend-responsive designs.
Diversification: Footwear and Direct Sales
Beyond apparel, Zibuyu has cultivated footwear as a growth driver. Since launching a dedicated shoe website in 2018, footwear's revenue share grew from 17.9% to 20.2% by mid-2022. This strategic shift toward direct sales reduces platform dependence while enhancing brand control and customer data ownership.
Lessons for Cross-Border Commerce
Zibuyu's IPO journey mirrors China's broader e-commerce evolution. While platform partnerships enable rapid scaling, overreliance creates vulnerability. Viral products demand meticulous market analysis, operational precision, and design innovation. Most crucially, sustainable growth requires diversified channels beyond marketplace dependence.
As global e-commerce competition intensifies, Zibuyu's experience offers valuable insights for digital merchants navigating the complex cross-border landscape.