Ben Cheng, managing partner at C Ventures, said: “C Ventures was founded with a vision to bridge the West and the East, bringing together a single global ecosystem targeting Millennials and Generation Z. Threads is likely to see significant demand from Asia and we can help the company expand here on back of our extensive network and resources in the region.”
Tony Zappala, partner at Highland Europe, said: “We are seeing more and more that customers want to shop from their mobile device through channels such as Instagram, Snapchat, WeChat, WhatsApp and so on. This trend is being led by Asia where millennials and Generation Z are rapidly becoming the biggest market. In Threads, Sophie has built a great business which has pioneered this trend and has assembled a team of very high calibre people who are anticipating the way the market will evolve and building a great tech product to serve it.”
Threads (@threadsstyling) has customers in 100 countries and 70% of its clients are under 35. It serves time-poor fashion loving millennial and Gen Z shoppers around the world, who will account for 45% of global luxury spending by 2025, according to Bain & Co. The World Data Lab forecasts that the global spending power of millennials will (people born between 1981 and 1996) will overtake that of Generation X by 2020 and will continue to rise.