Chinese lingerie brand NEIWAI raises $100m in Series D led by Carlyle

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.

Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.

Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.