China-based retail beauty brand Harmay has closed its Series C and D rounds of financing, raising a combined $200 million. The retailer has also acquired Kevyn Aucoin Beauty.
The new investment will fund Harmay's expansion into new categories and markets and bost its digital presence and portfolio of brands.
The Series C was led by General Atlantic and the Series D by QY Capital, with Eastern Bell Capital, N5 Capital, Ocean Link, Hillhouse Venture and BA Capital among the co-investors; Rothschild & Co and CYGNUS Equity served as financial advisers.
Free briefing: Inside China's Prestige Beauty Market
Harmay was founded in 2017 and has 400 employees. It features more than 9,000 SKUs from more than 400 international brands across the beauty and lifestyle categories. In 2021 alone, the platform launched 100 new brands, including brands from L’Oréal Group.
Harmay currently operates nine brick-and-mortar stores across China. Each site operates as a separate operation with independent management. Click here to learn more about the retailer's aesthetics.
New stores are coming to Wuhan, Guangzhou and Shenzhen. Harmay will continue to operate its WeChat mini-program store, while also launching a dedicated Harmay app.
“Our investors have recognized Harmay as a disrupter in the beauty retail space and an innovator of unrivalled shopping experiences,” says Will Wang, founder and CEO of Harmay. “We’re honored to partner with such leading strategic and financial investors, who share our vision for the future of beauty retail. 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.”
