Perfect Diary Lands New Financing from Warburg Pincus and Carlyle Group
The funds raised through the IPO will allow the company to continue to cultivate its offline channels, following its heavy-asset model.
Perfect Diary, a domestic beauty brand, has completed a new round of financing, led by Warburg Pincus Investment, Carlyle Investment Group, and Loyal Valley Capital, with a post-investment valuation of USD 4 billion. It will go public in the United States before the end of 2020 at the earliest. Goldman Sachs and Morgan Stanley are responsible for IPO matters.
As the leader of the domestic beauty makeup track, Perfect Diary focused on mainstream traffic platforms such as Xiaohongshu, Weibo, Douyin, Bilibili and Taobao, in the beginning, to attract users. In 2018, Perfect Diary participated in Tmall's 'Double 11' for the first time, and its total sales ranked second on the Tmall cosmetics list and ranked first among domestic beauty brands.
On Tmall's 'Double 11' day in 2019, Perfect Diary's sales surpassed the full-day sales of Double 11 in 2018 in just 28 minutes, becoming Tmall's first cosmetics brand with sales exceeding CNY 100 million and topping the cosmetics sales list for the first time.
In terms of offline layout, in January 2019, Perfect Diary opened its first offline store in Guangzhou. According to the official plan, by the end of 2019 it plans to have opened 200 stores in East China and 600 stores nationwide in the following three years – to accelerate the new offline retail layout.