Chinese skincare brand Zhuben has secured $50 million in Series A funding, while male grooming brand DearBoyFriend has raised several million dollars.
Zhuben, a direct-to-consumer skincare brand founded in 2016, made its debut through online channels like Alibaba’s Taobao. The line centres on aromatherapy and reported 200 million yuan ($31 million) in gross merchandise volume last year, a 450 percent boost from 2019. DearBoyFriend, which launched on Alibaba’s Tmall platform last April, was incubated by creative agency Goodidea and investment firm GSR Ventures. The brand currently makes over 10 million yuan ($1.53 million) in monthly sales.
The firms are among a wave of new players tapping into China’s growing C-beauty craze. According to a 2020 report released by Kantar Worldpanel, domestic beauty players like Pechoin, Dabao and Perfect Diary are outpacing their international rivals. Investors are following the demand: during the first nine months of 2020, over 22 Chinese beauty brands received investments in spite of the pandemic, according CBNData.