Scent Library has attracted funding from fragrance large Puig. Scent Library
Chinese language fragrance label, Scent Library, has secured funding from Spanish fragrance and wonder large Puig, in accordance with Chinese language enterprise media platform, 36Kr. The Collection B spherical is alleged to have raised $10 million, in accordance with sources, although the businesses concerned declined to formally disclose the funding quantity.
The Beijing-based firm, based in 2015, was an early entrant into China’s burgeoning home perfume market and has gained a big following with its artistic, and extremely localised, scents (one of many model’s hottest fragrances recalled water boiling in an aluminium pot). Scent Library’s product strains now embrace perfumes, residence fragrances and physique care, and it has greater than 80 shops in mainland China.
China accounted for simply 2.5 p.c of the worldwide fragrance market in 2020, however the nation’s home market dimension has grown at an annual price of greater than 25 p.c since 2017, in accordance with iResearch information. China is tipped to change into the world’s second largest fragrance market inside this decade.
In different home magnificence funding information, Yatsen Holding Restricted, the guardian firm of C-Magnificence large, Good Diary, has just lately acquired homegrown microbiology skincare model EANTiM. Yatsen’s secure of manufacturers has beforehand leaned closely on color cosmetics, so this acquisition is seen as a technique to strengthen its skincare model portfolio additional, following its acquisition of Eve Lom in March.
As curiosity in smaller worldwide magnificence manufacturers intensifies amongst Chinese language shoppers, native buyers are getting excited by the class. Right here’s learn how to capitalise on the chance.