Retail in Asia


China’s beauty retailer HARMAY inks US$200 million in funds

Chinese beauty retailer HARMAY has secured US$200 million in series C and D rounds of financing. The C round was led by General Atlantic, and co-investors are Eastern Bell Capital, Hillhouse Capital, Ocean Link, N5Capital and BA Capital while the D round was led by QY Capital, and co-investors are Eastern Bell Capital, General Atlantic, N5Capital and Ocean Link.

SEE ALSO: Firmenich partners with HARMAY in China

Founded in 2008, HARMAY started as a well-curated online beauty store on Alibaba’s Taobao platform. In 2017 HARMAY opened its first brick-and-mortar store in Shanghai. To date, HARMAY operates nine offline stores in Shanghai, Hong Kong, Beijing, and Chengdu, while maintaining its online presence. According to Pandaily, the retailer sells more than 400 beauty brands and overseas niche brands and over 9,000 SKUs.

Harmay acquired American makeup brand Kevyn Aucoin from Manzanita Capital in November 2021. This January, HARMAY signed a strategic partnership with Firmenich to support the development of new fragrance brands, concepts, experiences and models.

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HARMAY plans to open stores in Wuhan, Guangzhou, Shenzhen, Aranya in Hebei province, and other regions.