Lumi raises USD20m in series B round led by ClearVue
Lumi, a provider of nutritional beauty products in China, has raised USD20m (RMB120m) in a series B funding led by private equity firm ClearVue Partners.
Fidelity, JAFCO and Capvent also participated in the round, along with existing shareholder, DCM. William Chen, managing partner of ClearVue, is also joining Lumi’s board of directors.
The new funds will support branding and product and channel development, and will help enhance Lumi’s customer service and strengthen its position as the leader in the nutritional beauty industry.
“An increasing number of female consumers are learning that nutritional beauty products are actually more natural and beneficial to their overall health and beauty. To some, these products have become the most central and essential beauty products they use,” says Joe Tai, co-founder and chief operating officer of Lumi. “Lumi’s target customers are sophisticated and affluent female consumers who have been looking for products enriched with natural nutrients to better their skin and overall beauty. We are building a company dedicated to providing the best quality nutritional beauty products to our customers through both e-commerce and offline channels.”
Lumi currently has sales outlets in department stores such as Parkson and Intime Group, and is the best selling brand of collagen drinks and other nutritional beauty products in Watson’s, TMall, Taobao and 360Buy. Lumi’s products are also endorsed by one of China’s top actresses, Yang Mi.
“Lumi is an exceptional company with the potential for explosive growth in the fast growing nutritional beauty market,” says William Chen, managing partner of ClearVue Partners. “We are excited to lead the financing and help the company in its next stage of development.”
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