Case Study: State Cashmere achieves global eCommerce growth with Payoneer

State Cashmere brings in $4.5 million in global eCommerce sales with Payoneer

State Cashmere, a direct-to-consumer cashmere brand founded by Hao Rong, faced challenges in managing its global eCommerce expansion. The company struggled without proper multi-currency receiving accounts, ways to handle tax liabilities, and sufficient working capital. To address these issues, they turned to the vendor Payoneer.

Payoneer's solution, specifically its Global Payments Service and Capital Advance working capital product, provided State Cashmere with a unified account for all its marketplaces. This allowed them to accept payments in multiple currencies, pay suppliers and VAT abroad in local currency, and secure funding for off-season growth. As a result, State Cashmere reduced its currency conversion fees and achieved significant sales growth, bringing in $4.5 million in global sales in 2018 with a projection of $7.5 million for 2019.

State Cashmere