A private equity arm of Citic Capital Holdings Limited has announced it has completed its investment in Shanghai Xiangmiao Trade Co., Ltd., brand owner of Reclassified via its third RMB-denominated China buyout fund.
Reclassified is a Chinese prestige perfumery house that runs more than 100 retail outlets spanning 50 cities nationwide.
The transaction marks the eighth completed acquisitions in the beauty and lifestyle sector in recent years, and the on-going expansion of its exposure and footprint in the space.
In addition to Reclassified, Citic Capital’s investments in the related sector include: Erno Laszlo, an American premium skin care brand; Trilogy, a clean beauty brand from New Zealand; Axilone, a cosmetics packaging provider; UCO, an e-commerce service provider serving premium beauty brands; ScentAir, a scent marketing solutions provider; and Lifestyles/Jissbon and LELO, global brands in the intimate wellness sector.
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. RE 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.”