KK Group has developed four retail chain brands – KKV, The Colorist, X11 and KK Mall – across nearly 700 stores in China and Indonesia. Formerly known as KKguan, it positions itself as a trends-focused retailer, selling cosmetic goods, trendy toys and household necessities. The target customers are price-sensitive Generation Z shoppers looking for an “immersive shopping experience”. Women in their early 20s are a key segment.

KK Group is a rarity in the unicorn herd in relying on physical stores for its sales. Revenues have grown rapidly to Rmb1.68 billion over the first half of 2021. But losses were significant at Rmb4.4 billion in the same period. The company says it will reach profitability as it reaches scale through a larger network of stores. It completed its most recent round of investment at valuation of about Rmb20 billion in July 2021 and submitted an IPO application to the stock exchange in Hong Kong in November.

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