The private equity arm of CITIC Capital Holdings Limited has completed its investment in Shanghai Xiangmiao Trade Co., Ltd., brand owner of Reclassified.
WHO: Founded in Shanghai in 2013, Reclassified is a leading Chinese prestige perfumery house that has created a variety of iconic original scents featured in its extensive portfolio of products, including perfume, home fragrance, car fragrance, scented candles, and scented personal care products. The company runs over 100 retail outlets spanning 50 cities nationwide, offering customers extraordinary experiences with scents and senses.
Founded in 2002, CITIC Capital is an alternative investment management and advisory company. The firm manages over $32 billion of capital across 100 funds and investment products through its multi-asset class platform covering private equity, real estate, structured investment and finance, and asset management. CITIC Capital has over 200 portfolio companies that span 11 sectors.
WHY: CITIC Capital believes in the long-term growth prospects of the beauty, personal care, and lifestyle sector, and will continue to look for attractive investment opportunities in the sector.
IN THEIR OWN WORDS: Mac Lin, CEO of Reclassified, said: “The name Reclassified is a combination of ‘RE’ and ‘Classified’, illustrating our determination to differentiate and refusal to be classified. Each bottle of Reclassified fragrance has its own story and a philosophy. Since its establishment, the brand has vowed to work only with world-leading perfumers and developers to create high-quality, original fragrances and genuine experiences that are unique to Chinese consumers. We are committed to bridging interesting culture, upholding individuality, and expressing freedom for our consumers.”
Hanxi Zhao, Senior Managing Director of CITIC Capital, said: “Consumers in China today have high aspiration for better lifestyle. This aspiration has stimulated the rapid development of related sectors. The growth of the perfume and fragrance sector has been particularly strong, with iconic brands such as Reclassified emerging in China. RE has a deep understanding of the needs of Chinese consumers and takes pride in its strong heritage in world-class product development. Reclassified also has a strong offline retail network and online presence, enabling the brand to reach a broad consumer base through different channels. We are excited to be working with the young and passionate team of Reclassified and look forward to witnessing the rising of an authentic Chinese trendsetter in the perfume and fragrance sector.”
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