HARMAY, a Chinese beauty new retail brand, recently announced the completion of nearly 1.2 billion yuan (approximately $189 million) funding.
HARMAY, a Chinese beauty new retail brand, recently announced the completion of nearly 1.2 billion yuan (approximately $189 million) in Series C and Series D funding, with Series D led by QY Capital and followed by General Atlantic, Eastern Bell Capital, N5 Capital and Ocean Link Investment. Its Series C was led by General Atlantic and followed by Hillhouse Capital, Ocean Link Investment, N5 Capital and Eastern Bell Capital, BA Capital.
Founded in 2008, HARMAY is a global leading beauty collection store in China, a new retail brand of warehouse-based aesthetics with a strong Gen Z customer base.
HARMAY has completed four rounds of funding since the completion of Series A funding led by N5 Capital and Hillhouse Capital in December 2019 and has attracted a number of first-tier institutions.
It is reported that the current products from well-known brands as well as niche brands from overseas that HARMAY sold amount to more than 400 and its SKUs achieve more than 9,000. In 2021, brands that made new cooperation were more than a hundred, which is the main difference advantage of HARMAY compared to other channels of the same industry.
In addition to representing and collaborating with major international brands and a large number of overseas niche brands, HARMAY has also been investing in niche cosmetic brands since the early days such as acquiring Kevyn Aucoin Beauty, a brand created by American makeup master Kevyn Aucoin, and investing in Chinese skincare brand PMPM.
Recently, HARMAY has also established a new partnership with Swiss perfume and fragrance supplier Firmenich. Under this agreement, HARMAY and Firmenich will join forces to support the development of new fragrance brands, concepts, experiences and business models by leveraging their respective excellence to help grow the premium fragrance category in China.<related article–Firmenich Teamed up with HARMAY to Incubate Future Brands>
Jason Ju, co-founder of HARMAY, said that China is expected to become the new frontier of the global boutique fragrance market. As many homegrown brands are emerging, a significant increase in consumer usage especially among Generation Z. Ju said that the partnership with Firmenich hopes to inspire greater innovation and creativity in the industry.