L'Oréal invests in Chinese fragrance brand Documents
With an average annual growth rate of 12.3%, the Chinese beauty market, driven by a generation of young and sophisticated consumers, is expected to reach €49 billion in 2024. These projections are unsurprisingly attracting the interest of global beauty players. It is against this background that L'Oréal China has just purchased a minority stake in Chinese perfume brand Documents.
L'Oréal China carried out this financial transaction via Shanghai Meicifang Investment, its fund founded in May dedicated to supporting innovative Chinese brands. The fund is backed by BOLD, the L'Oréal group's private equity fund dedicated to acquiring minority stakes in innovative start-ups in the beauty sector.
As reported by local media outlet Inside Retail Asia, the operation is also part of a Series A funding round, also led by Consumer Co-Creation Fund, which was launched in December 2021 by Cathay Capital in partnership with Kering, L'Oreal and Pernod Ricard. The fund is dedicated to investing in and incubating young Chinese companies with high growth potential.
Already a favorite of China's Gen Z, premium brand Documents was launched in 2021 by Zhaoran Meng and has three stores in China, where the L'Oréal group has been present since 1997.
Copyright © 2024 FashionNetwork.com All rights reserved.
