Shangpin also recently locked down deals with Milli by Michelle Smith and Tracy Reese.

FORBES: Apparently, China's Online Fashionistas Actually Like To Pay Full Retail Price

Zhao notes that designers have good reason to partner with Shangpin as well.

FORBES: Apparently, China's Online Fashionistas Actually Like To Pay Full Retail Price

These days Zhao wears designer knitwear and Italian brogues, a taste of the fancy imported fashion sold on his e-commerce site, Shangpin.

FORBES: Suited-Up Online: Why China's Fashionista Websites Aim High (And Low)

Zhao says he has no plans to list Shangpin, in which he is the largest shareholder (see box) , in the next two years.

FORBES: Suited-Up Online: Why China's Fashionista Websites Aim High (And Low)

Shangpin also has an outlet website that marks down some items but wants to stay away from the discount-driven model pioneered by Yoox.com and Net-a-Porter.

FORBES: Suited-Up Online: Why China's Fashionista Websites Aim High (And Low)

In 2010, when online e-tailer Shangpin switched from being just a me-too discounter of end of season fashions to limited time, flash sales, revenue grew 20 times year-over-year.

FORBES: Apparently, China's Online Fashionistas Actually Like To Pay Full Retail Price

International fashion retailers are rushing to set up virtual shops in China, providing competition to domestic players like tiny Shangpin and larger, Nasdaq NYSE-listed VIPshop, which uses flash sales to move midpriced apparel.

FORBES: Suited-Up Online: Why China's Fashionista Websites Aim High (And Low)

Shangpin is cut from a different cloth.

FORBES: Suited-Up Online: Why China's Fashionista Websites Aim High (And Low)

From the domestic media portals Sina and Netease to new upstarts Shangpin, Zouxiu and ihush along with the international players like Yoox, it appears that nobody wants to miss out on this burgeoning market.

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