The Chinese DTC brand Perfect Diary received a $100 million capital infusion valuing the business at $2 billion, according to Chinese tech media company 36Kr.

WHO: Founded in 2017, Perfect Diary is often referred to as “the Glossier of China.” The brand has targeted millennials and Gen Z primarily online with accessible price points and targeted social media marketing partnering with hundreds of KOLs. The brand opened its first physical retail store in Shenzhen in January 2019, and by the end of the year had 40 stores in 20 Chinese cities with plans of opening 600 stores in three years mostly located in second- and third-tier cities.

WHY: Jing Daily predicts the capital will be used to fund a strategic plan to open more brick-and-mortar stores in China.

DETAILS:

• The lead investor of this latest round is New York-based Tiger Global Management, who also invested in Glossier last year, followed by Hopu Investment and Boyu Capital.
• The brand’s last round of funding happened in September of 2019, pushing the brand to unicorn status, and was led by Gao Lian Capital and Sequoia China with participation by Chinese Culture.
• According to 36Kr, the sales of Perfect Diary in January and February increased by 250% compared with the same period last year.