HARMAY bags $200 million in Series C and D funding

Chinese beauty retailer, HARMAY, has concluded its Series C and D rounds of financing, raising a combined $200 million. 

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.

HARMAY intends to focus on expanding new categories and markets, its digital presence, portfolio of brands, and tighten cooperation with global beauty groups. 

In the past year, a number of brands from the L’Oréal Group have been launched on HARMAY. It also recently completed its acquisition of Kevyn Aucoin Beauty which was founded by the American make-up brand Kevyn Aucoin.

“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, HARMAY.

“We’re honoured 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.”

Since opening its first offline store in 2017, HARMAY today operates nine such locations across China. 

It currently offers more than 9,000 SKUs from over 400 international brands across the beauty and lifestyle categories. It leverages Big Data and a team of buyers to uncover the latest niche brands.

The venture also conducts analysis of store data to continuously refresh its product categories and offering. In 2021 alone, more than 100 new brands were launched on the platform.

HARMAY is planning to expand its offline footprint to new cities, including Wuhan, Guangzhou, and Shenzhen. In addition to its WeChat mini-program store, it is also set to launch a dedicated app.