Spanish perfume and beauty giant Puig acquired a stake in Chinese perfume label Scent Library. According to sources, the Series B round raised US$10 million, however, the official investment total has not been disclosed.
Founded in 2009 the Beijing-based company, Scent Library was one of the earliest players in the Chinese burgeoning domestic fragrance market. It sells personal and home fragrances as well as body care products inspired by traditional Chinese medicine, with a modern twist. It currently operates over 80 stores in China, 50 percent of which are located in first-tier cities.
With Puig’s investment, Scent Library will be able to boost and optimise its product development and develop its global supply chain.
This is also a strategic move for the Spanish beauty giant. Compared to skincare and make-up, the Chinese fragrance market is still at its infancy stage. However a report by iResearch tipped that China’s fragrance market is to become the world’s second largest fragrance market with spending spiralling from US$867 million in 2017 to US$1.7 billion in 2020.