Chinese perfume label, Scent Library, has secured investment from Spanish perfume and beauty giant Puig, according to Chinese business media platform, 36Kr. The Series B round is said to have raised $10 million, according to sources, though the companies involved declined to officially disclose the investment amount.
The Beijing-based company, founded in 2015, was an early entrant into China’s burgeoning domestic fragrance market and has gained a significant following with its creative, and highly localised, scents (one of the brand’s most popular fragrances recalled water boiling in an aluminium pot). Scent Library’s product lines now include perfumes, home fragrances and body care, and it has more than 80 stores in mainland China.
China accounted for just 2.5 percent of the global perfume market in 2020, but the country’s domestic market size has grown at an annual rate of more than 25 percent since 2017, according to iResearch data. China is tipped to become the world’s second largest perfume market within this decade.
In other domestic beauty investment news, Yatsen Holding Limited, the parent company of C-Beauty giant, Perfect Diary, has recently acquired homegrown microbiology skincare brand EANTiM. Yatsen’s stable of brands has previously leaned heavily on colour cosmetics, so this acquisition is seen as a way to strengthen its skincare brand portfolio further, following its acquisition of Eve Lom in March.
As interest in smaller international beauty brands intensifies among Chinese consumers, local investors are getting excited by the category. Here’s how to capitalise on the opportunity.