The 34-year-old beauty brand Mistine raised a $31 million Series A funding round led by Cathay Capital. 

WHO: Founded in 1988 by Amornthep Derojanawong, Mistine is the leading cosmetic brand in Thailand, but entered the Chinese beauty market in 2016 and is now headquartered in Shenzhen. The brand sells products via direct sales, wholesale, online, retail, and the export market.

WHY: The funds will be used for product R&D and improving the supply chain, team building, and brand promotion.

IN THEIR OWN WORDS: "The rapid development of Mistine in China in the past two years has benefited from the founding team's deep understanding of the beauty and skincare track and rich experience in trading, localized operation team and 30 years of accumulated experience," Ma Jun, partner at Cathay Capital, told BOF.

DETAILS:

• Better Way Thailand, the brand owner and marketer of Mistine, secured $31 million in a Series A round of financing, led by Cathay Capital with participation by EverYi Capital.
• The company said it plans to further deepen its omnichannel operational capabilities and incubate new brands.
• Mistine expanded the business into China in 2016 via Better Way Shenzhen, a joint venture company in which a Chinese partner controls a 51% stake while Better Way Thailand and an unnamed Thai partner hold the balance.
• Mistine is selling products via major e-commerce platforms in China as well as in more than 6,000 offline stores in China such as 7-Eleven, FamilyMart, Sanfu, and Afiona.