Chinese beauty brand Lumi has raised $20m (RMB120m) in funding led by ClearVue Partners. Venture capital firms Fidelity, JAFCO and Capvent also participated in the round, along with existing shareholder DCM.
Following the deal, William Chen, managing partner of ClearVue, will join Lumi’s board of directors.
The new funds will support branding and product and channel development, and will help enhance Lumi’s customer service and strengthen its position as the leader in the nutritional beauty industry throughout China and beyond.
Lumi currently has sales outlets in leading department stores such as Parkson and Intime Group, and sells its collagen drinks brand and other nutritional beauty products in shops such as Watson’s, TMall, Taobao and 360Buy.
“Lumi is an exceptional company with the potential for explosive growth in the fast growing nutritional beauty market,” said William Chen, managing partner of ClearVue Partners. “We are excited to lead the financing and help the company in its next stage of development.”
“We look forward to leveraging ClearVue’s global resources and experience in consumer products and media to help make Lumi a global leading brand,” added Harry Hui, managing partner of ClearVue Partners and former chief marketing officer of Pepsi China.
China’s health and beauty-related industry is estimated to be a $24 bn market, making it the fourth largest in the world behind the US, Japan and Brazil, according to Euromonitor International. In addition, China’s health and beauty sector has grown by nearly 20 percent annually for the past five years, according to China’s National Bureau of Statistics.
Albert Cheng, partner at Fidelity Growth Partners Asia, said, said “Lumi has quickly proven to be one of the most influential brands in China. There is massive opportunity for growth, especially in developed countries like Japan, where collagen infused products have become hugely popular.”
Copyright © 2012 AltAssets