Chinese makeup brand Into You has announced that it has closed a 30 million yuan ($ 4.63 million）angel funding round from investors Fosun Rui Zheng Capital and GSR Ventures.
Founded in late 2019, the Shanghai-based DTC brand only officially opened its online shop on Tmall in mid-May 2020 and has already attracted over 530,000 followers and partnered with nearly 1,000 Taobao retailers, as well as other e-commerce channels such as Wow Color, Only Write and Noisy.
The brand’s founder, Wen Chong, previously worked for Alibaba for eight years, which may explain why the brand was able to gain rapid popularity on the group’s e-commerce platforms. Known for its lip products, Into You has reportedly expanded into the Japanese and Korean markets and will try to develop channels in Europe, the US and Southeast Asia in the future.
The brand’s rise speaks to the growth trajectory of C-beauty brands, which have focused on specific product category verticals as an entry point to the market, while facing strong market competition from international players.