The Swiss fragrance and flavors company said Wednesday it has invested in the series A funding round. Its financial terms were not disclosed, but Givaudan said it funded the transaction with existing resources.
“Givaudan and Next Beauty believe in the significant potential of the Chinese fragrance and beauty market, and this investment relationship will leverage their respective capabilities to support emerging fragrance and beauty brands, with creative, unique and integrated solutions for the Chinese market,” Givaudan said in a statement.
Next Beauty, based in Shanghai, was founded in 2018 and employs about 50 people. It’s a five-star Tmall partner, with a digital presence on key social media platforms.
“With more than 15 successful brands launched in China in less than three years, Next Beauty has established itself as a leading incubator for fragrance and beauty brands in China,” Givaudan said. “As a market-leading company in the fragrance and beauty business, Givaudan will be able to support Next Beauty in realizing their ambitions via the extensive suite of capabilities that Givaudan has globally and in China, with Next Beauty bringing a deep knowledge of the Chinese beauty market and valuable insight into the key trends within the evolving Chinese consumer population.”
You May Also Like
Maurizio Volpi, president of Fragrance & Beauty at Givaudan, said the partnership with Next Beauty China “provides Givaudan with a further access into the high-growth Chinese fragrance and beauty market, and is fully aligned with our 2025 strategy. By sharing our creative and innovation capabilities, we will be able to generate additional value for Next Beauty as they seek to develop premium brands for Chinese consumers.”
“Givaudan’s global capabilities and its very strong footprint in China will be a great support in many areas as we look to develop Next Beauty and capture the exciting growth opportunities in the Chinese fragrance and beauty market,” Yu Lu and Gregoire Grandchamp, cofounders of Next Beauty, said in a joint statement.
Givaudan has been delving deeper into China’s burgeoning fragrance market. In June, the supplier announced it had partnered with Tmall for accelerated scent creation in the country. Their T-Lab can shorten end-to-end product development to four weeks, compared to the traditional 40, in keeping with the fast-paced digital opportunities in China today.
Retail sales for fragrances in China reached $1.43 billion last year, and they are expected to rise by 25.3 percent to $1.97 billion in 2021, then hit an estimated $2.44 billion in 2022, according to Euromonitor International.
FOR MORE, SEE: