PE giant Carlyle has led a $100 million Series D round in NEIWAI, an emerging lingerie brand in China, according to an announcement.
The round has attracted the company’s existing investors namely, Singapore’s Vertex Ventures, and Chinese investment firm Qiming Venture Partners.
Investment bank Investarget facilitated the transaction.
Qiming had earlier infused 150 million ($23 million) in NEIWAI’s Series C round in 2019. Prior to that, in 2017, Vertex along with a slew of Chinese investors such as ZhenFund and Qifu had pumped in 70 million yuan ($11 million) in the company’s Series B round.
NEIWAI will use the corpus to boost its product pipeline and brand awareness and expand its global presence.
Established in 2012 in Shanghai by duo Xiaolu Liu and Jiang Li, NEIWAI designs and sells comfortable yet stylish underwear and sportswear primarily for female consumers.
NEIWAI has an omni-channel presence. While it has a well-established online e-commerce platform, it also has 120 brick-and-mortar stores across the country. It expects to extend the size of retail stores to 200 by the end of this year.
In the first half of this year, NEIWAI claimed that its monthly sales had touched over 200 million yuan ($31 million). Besides its home market, it is also present in the US, Canada and Australia.
NEWAI’s other backers include Zhencheng Capital, QF Capital, Borchid Capital, and Skycus Capital.