Chinese beauty ecommerce startup banks $40m series B+ round

The round was led by Orchid Asia Group, with participation from existing investors Lightspeed China Partners and SIG China, according to local news outlet 36Kr.

IDS BuyBuyBuy was founded in 2017 by Hugo Yu, the former executive editor in chief and general manager at Harper’s Bazaar, and targets Chinese Gen Z female consumers by providing beauty and anti-aging solutions.

The new round will help the company develop its business relationships in the global beauty and healthcare industry, scale up its overseas business development team, build the supply chain, and explore brand resources, said Yu.

Xiaohongshu, also known as Red, is a similar player in the market. It’s backed by Alibaba Group, Tencent, and GGV Capital.

According to research by Market Data Forecast, the anti-aging market in the Asia Pacific was estimated at over US$7.6 billion in 2020 and is expected to reach US$10.1 billion by 2025, growing at a compound annual growth rate of 5.69%. Last year, China accounted for the largest share of the market across the region.