Luxury beauty retailer Estee Lauder is growing its presence in China’s fragrance industry by investing in Chinese perfume label Melt Season.
New Incubation Ventures, Estee Lauder Companies Inc’s strategic investment arm, has taken a minority stake in Melt Season, marking another step in the firm’s strategy in the Chinese beauty market after it purchased a minority stake in local skincare and make-up brand Code Mint.
Founded in 2021 by Lishi Ni, Melt Season operates in the premium segment, selling perfumes for $100-200. Its parent company, Verse China, announced the completion of two funding rounds a few months ago, which was around more than RMB 10 million (US$1.4 billion). The investment was led by Breeze Capital, with Palm Capital serving as the sole financial advisor.
Melt Season debuted six perfumes in December 2021 under the theme “Letters in a Bottle,” divided into Classic and Haute Couture collections. The brand unveiled its first brick-and-mortar store in Shanghai last year.
