By Casey Hall
SHANGHAI (Reuters) – LincTex Digital, best known for developing its virtual fitting technology for fashion e-commerce, has raised $100 million in a fundraising round led by Hillhouse Capital and CDH Investments, according to the account. official WeChat of the company.
The money was earmarked for international expansion and further development in digital fashion, he said on Tuesday.
The Hangzhou-based company is better known as Style3D, a software and hardware developer for the fashion industry and was founded in 2015.
From developing virtual fitting and 3D body scanning technologies in the beginning, Style3D has now expanded its offering to include digital services for fashion designers and manufacturers so they can use big data to design and produce fashion collections.
More recently, it has also moved into the metaverse, with fashion design and tech digital products. Its digitally simulated fabric is designed to look and move like real-world clothing.
More and more global fashion brands are including digital products in their assortments, such as Gucci’s $17.99 digital sneakers, which have sold out quickly.
Style3D seeks to integrate the design, manufacture and online sale of physical apparel with the design and production of digital wearables, founder and CEO Liu Chen said in the statement.
It has also expanded globally, opening offices in Copenhagen, Amsterdam, New York and Milan over the past year.
(Reporting by Casey Hall; Editing by Uttaresh.V)