C Ventures has led an eight-figure Series B investment round in the Chinese beauty e-commerce platform Golong.
WHO: Founded in 2012 by Gao Lang, Golong is a Chinese beauty e-commerce platform and incubator that brings niche global beauty brands into China by offering solutions like supply chain management and sales and marketing strategy. To date it has signed over 50 global brands, helping them set up on social media and sell on platforms.
C-Ventures Fund was founded by billionaire Adrian Cheng with a focus on Gen Z and millennial-focused brands and businesses.
WHY: The funds will be used to fund expansion into India, Indonesia, and the rest of Southeast Asia.
IN THEIR OWN WORDS: “Upstart brands have to consider their DNA, their hero product, marketing, e-commerce, logistics. We’re here to help,” Adrian Cheng, founder of C Ventures, said to Vogue Business, adding that Golong was a “perfect match” for his portfolio because it had strong cash flow and was profitable. “We’re looking for properties that are grabbing market share and have a good sensibility in their business models.”
Gao Lang, Golong’s founder and chief executive, is planning to use the funding to scale the business and better integrate offline and online sales. “Golong [has] the potential to become the next generation of Estée Lauder and become a key player in [at least] the Chinese beauty market,” Lang told Vogue Business. “As Golong starts acquiring brands and expands globally, it can further leverage C Ventures’ resources in media and events.”
“My vision for Golong is to become the Estée Lauder of Asia,” says Cheng. “China is a big market, but our long-term strategy is to target India, Indonesia and the rest of Southeast Asia. We’re working towards building a strong beauty conglomerate in Asia.”
- Adrian Cheng’s C Ventures is leading an eight-figure Series B investment.
- Golong joins other C Venture investments including Moda Operandi, Beautycon, Dazed, and Nowness.
- According to Vogue Business, Golong has raised over 200 million yuan ($28 million) since its first financing round in 2018 when it was valued at 2 billion yuan.
- In 2018, Golong received RMB 200 million in its Series A financing, led by Midas Capital.
- Langchao Capital served as the exclusive financial consultant of the deal.
- In April Golong acquired French professional brand Jean D’Estrées.
Photo: Denys Nevozhai via Unsplash