SHANGHAI — L’Oréal’s China Fund, Shanghai Meicifang Investment, has taken a minority stake in Chinese fragrance brand Documents.
This is Meicifang’s first investment in the China market.
Meicifang’s minority stake marks the closing of Documents’ Series A round investment of more than $10 million renminbi, or $1.4 million. Cathay Capital’s Consumer Co-Creation Fund also led this round of investment.
The news was unveiled during Shanghai May 5 Shopping Festival’s Global New Products Debut Season event today, according to local media reports.
“Documents is not only an emerging pioneer in the Chinese high-end personalized beauty market, but also a Chinese fragrance brand popular among young Chinese shoppers for its signature oriental aesthetics,” Fabrice Megarbane, president of L’Oréal North Asia and CEO of L ‘Oréal China, told local media outlets.
Founded in 2021 by former Nudake China chief executive officer Zhaoran Meng, Documents is known for its “chanku,” or “zen and cool” aesthetic and avant-garde store design.
Dubbed “the most expensive Chinese perfume brand,” Documents focused on high-end perfume featuring Chinese ingredients such as star anise, mugwood, yulan magnolia and walnut. Perfume prices range from 850 renminbi, or $122, to 1750 renminbi, or $253.
The brand’s clientele is made up of 60 to 70 percent Gen-Z shoppers, the perfume-maker previously told local media outlets.
Documents operates two stores in Shanghai and one shop at Beijing’s popular SKP-S shopping mall.
According to Meng, Documents will use the investment to focus on talent acquisition, product development, business operations, global expansion and become “an international brand.”
Established this May, Meicifang is the world’s largest beauty-maker’s first China-specific venture capital fund. The fund is supported by BOLD, Business Opportunities for L’Oréal Development, a fund focused on taking minority stakes in start-ups with high growth potentials .
Before the establishment of Meicifang, L’Oréal acquired Chinese skincare brand Mininurse in 2003 and beauty brand Yuesai in 2004.
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