Chinese beauty retailer Harmay has secured US$200 million in its Series C and D funding rounds led by General Atlantic and QY Capital respectively.
The two rounds were also joined by Eastern Bell Capital, N5 Capital, Ocean Link, Hillhouse Venture, and BA Capital among the co-investors. The company said the new investment will enable it to expand new categories and markets, digital presence and portfolio of brands.
The expansion plan will see the opening of new Harmay stores in Wuhan, Guangzhou, and Shenzhen. The beauty retailer will also introduce a dedicated Harmay App in addition to its WeChat mini-program store.
“Our investors have recognised Harmay as a disrupter in the beauty retail space and an innovator of unrivalled shopping experiences,” says Will Wang, founder and CEO of Harmay.
“With their support, we aim to become the premier global retail platform for all things beauty and lifestyle, propelling continued innovation in omnichannel shopping experiences,” Wang added.
The financial rounds follow Harmay’s recent acquisition of Kevyn Aucoin Beauty last November.
Harmay, which is known for its warehouse retail concept with unique designs, operates nine brick-and-mortar stores in China. The brand currently offers more than 9000 SKUs from more than 400 international brands across the beauty and lifestyle categories. Last year, more than 100 new brands were launched on the platform.
