Core Viewpoint - The article discusses the recent A-round financing of Japanese cross-border e-commerce company "CAGUUU" (Kagu E-commerce), highlighting the notable investors involved, including prominent figures like Zhu Xiaohu and Japanese football star Keisuke Honda. The focus is on the potential of leveraging Chinese supply chains to penetrate the Japanese furniture market, while also addressing the challenges that come with it. Group 1: Financing and Investment - CAGUUU recently completed A-round financing amounting to 650 million yen (approximately 30 million RMB), with Zhu Xiaohu and Honda's X&KSK fund as lead investors [1][2]. - The company has raised a total of 950 million yen (approximately 44 million RMB) across two rounds of financing since its inception [6]. Group 2: Market Strategy and Challenges - CAGUUU aims to integrate Chinese supply chain resources to sell high-cost performance furniture products in Japan, but faces significant challenges due to the established presence of competitors like NITORI and IKEA [6][7]. - The furniture industry has higher logistical and after-sales service demands compared to fast-moving consumer goods, necessitating a shift in market strategy for CAGUUU [2][6]. Group 3: Role of Investors - Keisuke Honda's involvement is expected to enhance the brand's visibility and credibility in Japan, as he will serve as a brand ambassador for CAGUUU [11][12]. - Honda's X&KSK fund has raised approximately 15.5 billion yen, targeting investments in around 30 Japanese startups, indicating a strategic focus on fostering local entrepreneurship [10][11]. Group 4: Market Dynamics - The Japanese market is described as closed and challenging for foreign companies, with a need for products that resonate with local culture and consumer preferences [3][4]. - CAGUUU's strategy includes offering a wide range of products, with over 2,500 items listed on its platform, aiming to establish a competitive edge through product variety and cost efficiency [7].

Core Viewpoint - The investment logic of Chinese VC in Japan is fundamentally an investment in China, leveraging the potential of Chinese supply chains to penetrate the Japanese market [12]. Group 1: Investment Highlights - The recent A-round financing of Japanese furniture cross-border e-commerce platform "CAGUUU" (卡谷电商) raised 650 million yen (approximately 30 million RMB), with notable investors including Zhu Xiaohu and Japanese football star Keisuke Honda [2][7]. - CAGUUU aims to integrate Chinese supply chain resources with Japanese branding to tap into the Japanese furniture market, a strategy led by founder Liu Sanyong, who previously expanded SHEIN in Japan [2][6]. Group 2: Market Challenges - The furniture industry presents higher barriers compared to the fashion sector, including logistics, after-sales service, and brand trust, necessitating a strategic adjustment for CAGUUU [3][7]. - Established competitors like NITORI and IKEA dominate the Japanese market, requiring CAGUUU to find a precise market positioning to succeed [3][7]. Group 3: Operational Strategy - CAGUUU's business model focuses on selling high-cost performance furniture products through cross-border e-commerce, with over 2,500 products listed and nearly 30,000 SKUs covering various furniture categories [8]. - The company plans to utilize the recent funding for service upgrades, recognizing the importance of establishing an efficient local warehousing and after-sales network in Japan [8]. Group 4: Celebrity Influence - Keisuke Honda's involvement as a brand ambassador for CAGUUU is expected to enhance brand visibility, although the effectiveness of celebrity endorsements in the Japanese market remains uncertain [12]. - Honda's X&KSK fund, which raised approximately 15.5 billion yen, aims to support Japanese startups, indicating a growing interest in fostering local entrepreneurial ventures [11].

Group 1: Economic Environment and Market Strategy - The overall economic environment in Europe and the US is unfavorable, leading to consumer downgrading and price comparisons across platforms, which benefits the company's product sales due to its focus on quality and affordability [2][3] - The company plans to enhance its product series in 2024, focusing on standardization to improve efficiency and reduce costs while maintaining unique styles for differentiation [3][4] Group 2: AI Technology and Operational Efficiency - AI technology is a key focus for the company, with applications in customer service and product image creation, improving service efficiency and reducing costs [3][4] - By 2025, the company aims to fully digitize its operations across various ecosystems, enhancing product lifecycle management and operational efficiency [3][4] Group 3: Currency and Trade Risk Management - Approximately 60% of the company's revenue comes from Europe, and recent euro strength has resulted in exchange gains; the company employs a "risk-neutral" approach to currency management [3][4] - The company is preparing for potential fluctuations in the US market by increasing investments in Europe and exploring new markets in Korea, Latin America, and the Middle East [3][4] Group 4: Supply Chain and Cost Management - The company has established a low-cost inventory in the US to stabilize market share and mitigate tariff impacts by increasing procurement from Southeast Asia [4][5] - The company is focusing on optimizing large item sales through structural improvements and enhancing product features to increase market share and profitability [5][6] Group 5: Market Expansion and Sales Strategy - The company plans to focus on headlining new product categories in 2025, aiming to improve sales efficiency and reduce new product launch costs [6][7] - While Amazon remains the primary sales platform, the company is exploring emerging platforms like TEMU, SHEIN, and Walmart for rapid growth [6][7] Group 6: Stock Performance and Investor Relations - The company reported a total revenue of 8.124 billion yuan in 2024, a year-on-year increase of 33.74%, but stock performance has been affected by external factors like tariffs and geopolitical conflicts [6][7] - Measures such as share buybacks, stock incentives, and dividends are being implemented to boost investor confidence and protect small investors' interests [6][7]

Core Viewpoint - The article discusses the recent A-round financing of the cross-border e-commerce company "Kagu E-commerce," which aims to integrate Chinese furniture supply chain resources to provide high-quality and cost-effective furniture products to overseas markets, particularly Japan [4][5]. Company Overview - "Kagu E-commerce" was established in May 2024 and is headquartered in Tokyo, Japan. The company focuses on brand operation to offer a wide range of furniture products to overseas consumers, initially targeting the Japanese market [5]. - The platform has launched over 2,500 products, with nearly 30,000 SKUs, including sofas, tables, chairs, mattresses, and ergonomic chairs. The company plans to increase the product count to 5,000-8,000 by the end of the year [3][5]. Market Positioning - The Japanese furniture market is dominated by offline basic brands and high-end designer brands. Kagu E-commerce aims to fill the market gap with a light inventory model that aggregates verified quality products from China, offering design diversity and price advantages [6]. - For example, a sofa produced by the Chinese supply chain is priced at only 1/2 to 1/5 of similar high-end brands in Japan [6]. Operational Strategy - Kagu E-commerce has established a strategic partnership with the home design software CoolJia, allowing users to design and directly order corresponding products, creating a closed loop of "design-selection-fulfillment" [6]. - The company has optimized its supply chain management by deeply binding with domestic suppliers and establishing some front warehouses in Japan to enhance last-mile fulfillment efficiency [6]. Future Plans - The company has initiated a brand upgrade plan and is set to sign Japanese national star Honda Keisuke as a spokesperson to strengthen local trust [7]. - Kagu E-commerce plans to expand into South Korea and Southeast Asia by the end of the year while further optimizing its supply chain system to improve product launch speed [7]. Investor Insights - Investors express confidence in Kagu E-commerce's innovative product development model, which efficiently integrates the furniture supply chain from countries like China, providing high-quality and diverse products at competitive prices [7]. - The founder, Liu Sanyong, has a successful track record in building the Japanese market for SHEIN, which adds credibility to Kagu E-commerce's potential for success in the furniture e-commerce sector [7].

作者 | 林晴晴 金沙江创投董事总经理朱啸虎："卡谷作为一家日本企业，以创新的商品开发模式将中国等家具生产国 的家具家居供应链高效的整合起来，以极具性价比的定价为消费者提供高品质高丰富度的家具家居商 品。我们非常看好这一模式，并且认为卡谷不仅可以在日本取得成功，而且在全球众多市场都有非常大 的潜力。金沙江创投作为一家全球化运作的基金，将助力卡谷早日成长为世界知名的家具家居品牌。" 编辑 | 袁斯来 「卡谷电商」成立于2024年5月，总部位于日本东京，专注于整合中国家具供应链资源，通过品牌化运 营为日本等海外市场提供高性价比、高丰富度的家具家居产品。初期，卡谷电商将重点聚焦于日本市 场，致力于为日本消费者提供高品质、高性价比的家具家居产品。公司以"中国供应链+日本品牌"模式 为核心，聚合国内成熟品牌及工厂的商品，销售给海外消费者。目前平台已上线超2500款商品，SKU接 近3万，涵盖沙发、桌椅、床垫、人体工学椅等大件家具，计划年底将商品数量提升至5000至8000款。 目前，卡谷电商已启动品牌升级计划，即将签约日本国民级球星本田圭佑为代言人，强化本土信任度。 公司计划今年内拓展韩国、东南亚等东亚市场，并进一步优 ...