Chinese sports apparel maker Quanzhou Peak Shoes a has raised nearly $60M in new VC funding. Legend Capital and CCB International joined return backer Sequoia Capital China.
Spending some time with their goods, we can't understand why investors are hot on them. We wouldn't be caught dead wearing these sneakers and their front-man Shane Battier is a great player but has no marketing draw - the fact that Shane Battier wears Peak Shoes is more of a turn-off than a draw.
To be fair, the idea here is that China makes all the world clothes while brands like Nike and Addidas get the spoils. Peak is looking to both make the clothing and own the brand. That adds up if they can indeed turn the corner with the brand. But they need to work with cooler athletes or its no-go.
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