HARMAY Completes C and D Rounds of Financing for $200M

HARMAY, a Chinese new retail brand specializing in cosmetics, announced its completion of a C round and D round of financing totaling $200 million. In the C round, the lead investor was General Atlantic, and co-investors were Eastern Bell Capital, Hillhouse Capital, Ocean Link, N5Capital and BA Capital. In the D round, the lead investor was QY Capital, and co-investors were Eastern Bell Capital, General Atlantic, N5Capital and Ocean Link.

Tianyancha.com suggests that HARMAY has now completed four rounds of financing, attracting investment from many prominent institutions.

HARMAY started from online business and in 2017 opened its first offline store on Shanghai’s Anfu Road, a location popular with shoppers and pedestrians. In 2019, the success of its Sanlitun store in Beijing made it a real hit in the cosmetics industry, gaining the favor of capital markets.

Up to now, HARMAY has nine offline stores, sells more than 400 famed brands and overseas niche brands and over 9,000 SKUs. In 2021, it carried out cooperation with another 100 brands – this is mainly how HARMAY distinguishes itself from its competitors.

Damien, Founder of HARMAY, says the monthly sales volume of its Sanlitun store reached as high as 15 million ($2.37 million) at its peak, and ranks at the top in offline stores in China from the aspect of sales per square meter. The larger sales scale also endows HARMAY a closer relationship with international big names.

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Next, HARMAY plan to open stores in Wuhan, Guangzhou, Shenzhen, Aranya in Hebei province, and other regions. In addition, HARMAY stores are not limited to beauty collection.

For example, there are many non-cosmetic SKUs in the firm’s Wukang Road Store. It has coffee, hot dogs, bottled drinks, snacks, drinks, pet products and more small household appliances than other stores.