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Chinese Beauty Retailer Harmay Raises $200 Million

January 24, 2022
January 24, 2022
Harmay

Beijing-based beauty retailer Harmay secured $200 million in recent Series C and D funding rounds.

WHO: Harmay, managed by Beijing Harmay Lexiang Technology, was founded in 2013 as a beauty e-merchant on Taobao and opened its first offline store on Anfu Road in Shanghai in 2017. Currently, the company has nine offline stores in Shanghai, Hong Kong, Beijing, and Chengdu, while maintaining its online presence. The retailer partners with over 100 brands for its assortment.

WHY: Harmay is looking to expand efforts to develop its omnichannel presence as well as opening offline stores in Shenzhen, Guangzhou, and Aranya. The brand also has plans to develop a WeChat mini-program and launch its own app.

DETAILS:

  • Harmay secured $200 million in Series C and D funding rounds.
  • QY Capital led the Series D with participation by existing investors General Atlantic, Ocean Link, N5 Capital and Eastern Bell Capital.
  • General Atlantic led the Series C with participation by Hillhouse Capital venture capital unit GL Ventures, Eastern Bell Capital, BA Capital, N5 Capital, and Ocean Link.
  • Since completing a financing round led by Wuyue capital and Hillhouse capital in December 2019, Harmay has completed four rounds of financing to date, attracting many front-line institutions.
  • Gaohu capital has served as the exclusive financial advisor for two rounds of financing.
  • Harmay recently entered into a strategic partnership with Firmenich in the Chinese market, joining forces to develop the Fine Fragrance category in China by leveraging their respective capabilities to support the development of new fragrance brands, concepts, experiences, and models.
  • Harmay acquired Kevyn Aucoin Beauty from Manzanita Capital in December 2012.
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