China’s Ushopal, a partner for luxury beauty brands, bags $100m led by FountainVest

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Shanghai-based Ushopal, an omni-channel partner for luxury beauty brands, has bagged $100 million in a Series D round of financing led by FountainVest Partners, an Asian PE firm with investments across consumer, media and technology, healthcare, industrials and financial services. 

Existing investor Cathay Capital, a cross-border Chinese PE firm, re-upped in the current round. Ushopal also attracted a slew of new investors including state-backed fund of funds (FOF), Hengxu Capital, Zhongyuan Capital, and Dazhong Zhongsong Fund.

In 2017, Cathay had joined hands with Light-up Capital and Integral Capital collectively seeding $1.5 million for Ushopal’s Series A round. The next year, Cathay participated in Ushopal’s Series B and B+ rounds of funding worth ‘tens of millions of US dollars’.

Founded in 2017,  Ushopal ushers in overseas niche and nascent luxury brands into the Chinese market. In addition to making investments in emerging brands in the beauty and wellness space, Ushopal has also forged strategic partnerships by equity interest acquisitions.

Through the integration of online and offline networks, Ushopal has supported the scaling up of its portfolio in the China market. Some of its novel brands under operation include Natura Bisse, Juliette Has a Gun, and Chantecaille.

As of 2020, Ushopal booked over $200 million in gross merchandise value (GMV).

Bonnie & Clyde, a multi-brand chain store fully-owned by Ushopal, offers compelling global luxury beauty products and experiences to China’s new generation of consumers. It owns five brick-and-mortar stores in Shanghai’s high-end malls, and it expects to reach 11 destinations in cities such as Beijing and Chengdu by end-2021. 

“With this round of financing, the already cash-flexible Ushopal will be even more equipped to invest in its portfolio, and Bonnie & Clyde experience centres,” said Ushopal founder and CEO Lu Guo in the statement. “We will continue to co-invest and reinforce Ushopal’s brand matrix to become a retail group bold and respected globally,” added Guo.   

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.