In February, GLP’s China-based venture capital unit Hidden Hill Capital has led a US$40 million Series C round in Indonesia’s global beauty brand Y.O.U. The new capital will be largely used for further physical retail expansion in emerging markets, research and development as well as supply chain diversification.
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This latest round brings Y.O.U’s total fundraising to US$70 million since the company’s was founded in 2018 by a team that previously worked at Chinese smartphone maker Oppo.
The brand first launched in Indonesia and quickly expanded to the Philippines, Malaysia and Thailand. Y.O.U now has almost 40,000 offline points of sale, selling via franchise stores, supermarkets, convenience stores and department store counters throughout the region, as well as online.
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Y.O.U launched in color cosmetics and expanded into skincare that addresses the needs of Southeast Asian consumers. Product price points aim at the mass market, with lipsticks for less than US$5 and serums for under US$15. Y.O.U’s supply chain is located mainly in China.