It’s always a lot of fun for us when an entrepreneur who has worked for many years to build an awesome company finally starts to receive well-deserved recognition. The latest example is Sam Lin at Reebonz, which announced its new $40 million financing round yesterday (read the article in TechCrunch).
Sam founded Reebonz in 2009 with a clear focus on the $200 billion+ market for luxury goods, about 30% of which is in Asia – Reebonz’ core market focus. A two-time entrepreneur, Sam has an intuitive understanding of the Asian consumer and her shopping preferences. GGV Capital was fortunate to invest in Reebonz in 2010 along with Vertex and Matrix China, and we’ve since watched Sam build Reebonz into one of the fastest growing e-commerce businesses on the planet.
I won’t go into too much detail because there are some elements of Sam’s business that we haven’t seen anywhere else, but will highlight a few things we see Sam doing that have been critical to Reebonz’ success:
1) Maniacal focus on customers and the customer experience. Packaging, design, product, delight. Every detail has Sam’s touch (see my photo above with Sam in front of a packaging display).
2) Extreme focus on quality. The best brands, the best products – backed by Reebonz and its world-class level of customer service.
3) The element of surprise. There is always something unique, something hard to find, something amazing about a limited offering from Reebonz – and customers love it.
4) Get local. Sam has country managers in each core market who have a tremendous amount of autonomy and are able to cater to local preferences.
Very fired up for Sam and his team. Well deserved recognition for a category leader like Reebonz and a terrific entrepreneur like Sam.