Miracle Miles Group has raised 100 million dollars in funding to boost its “aggressive expansion” into the global market.
The Series A funding round was jointly led by IDG Capital and Sequoia Capital China.
Miracle Miles Group, whose portfolio comprises footwear brands Dream Pairs, Bruno Marc, and Nortiv8, said it will use the capital to reach more customers in its home market of the US, as well as in wider America, Europe, and Asia in the next two to three years.
The group’s founder Brian Cao noted that the funding round was closed despite “a particularly challenging and turbulent capital market”, which he said proved “the confidence of world-class investors” in the strength of the business.
He also said the group is developing an intelligent cloud platform to analyze the industry's big data in preparation of its global expansion.
“Establishing highly-efficient digital management systems enhances the entire product life cycle from product design and development to end-consumer business,” he said.