LONDON — Chinese e-commerce start-up iDS BuyBuyBuy, which aims to build a marketplace for global giants and local brands in the beauty and health care industry to communicate and connect their products with Chinese Gen Z consumers, has raised $40 million in a new series of financing.
Founded by influencer and former Harper’s Bazaar China executive editor Hugo Yu in 2017 with support from Sylvie Chantecaille, Christophe Robin and ByTerry chief executive officer Marion Assuied, the company has attracted millions of customers and serves as an exclusive partner for an increasing amount of overseas niche brands such as 111skin, MZskin, Temple Spa and Zita West to enter the Chinese market.
Yu said this new series of financing will help her WeChat mini-program-based store “continuously develop valuable business relationships in the global beauty and health care industry, scale up its overseas business development team and participate in the integration and renovation of global supply chain and professional brand resources more thoroughly.”
The lead investor in the new Series B-plus financing is Orchid Asia Group. Lightspeed China Partners, which led the investments in the start-up’s Series A financing, and SIG (Susquehanna International Group), which led the Series B investments, also participated in the new financing round.
Kevin Huang Tao, managing director of Orchid Asia Group, said, “Chinese Gen Z shoppers have grown up in the digital era, who are used to customized products and services, attend to the spirit of brands, the quality of products and the feelings of their own. Hugo and her team’s profound insights into the local market can exactly meet the real needs of this new generation of customers.”
Joan Ren Jianqiong, a partner at SIG, added that, “In the past 24 months, iDS BuyBuyBuy has extended its business areas from skin care to energy management, stress management, hormone management, and other categories. It clearly demonstrates that the team maintains accurate prediction and strategic evolution abilities on seeking industrial opportunities, creating growth path, and managing the lifetime value of HNW consumers.”