Shanghai-based Ushopal, an omni-channel partner for luxury beauty brands, has bagged $100 million in a Series D
round of financing led by FountainVest Partners, an Asian PE firm with investments across consumer, media and
technology, healthcare, industrials and financial services.
With this, the total corpus raised by Ushopal has reached $200 million, it announced.
Existing investor Cathay Capital, a cross-border Chinese PE firm, re-upped in the current round. Ushopal also
attracted a slew of new investors including state-backed fund of funds (FOF), Hengxu Capital, Zhongyuan Capital,
and Dazhong Zhongsong Fund.
In 2017, Cathay had joined hands with Light-up Capital and Integral Capital collectively seeding $1.5 million for
Ushopal’s Series A round. The next year, Cathay participated in Ushopal’s Series B and B+ rounds of funding worth
‘tens of millions of US dollars’.
Founded in 2017, Ushopal ushers in overseas niche and nascent luxury brands into the Chinese market. In addition
to making investments in emerging brands in the beauty and wellness space, Ushopal has also forged strategic
partnerships by equity interest acquisitions.
Through the integration of online and offline networks, Ushopal has supported the scaling up of its portfolio in the
China market. Some of its novel brands under operation include Natura Bisse, Juliette Has a Gun, and Chantecaille.
As of 2020, Ushopal booked over $200 million in gross merchandise value (GMV).
Bonnie & Clyde, a multi-brand chain store fully-owned by Ushopal, offers compelling global luxury beauty products
and experiences to China’s new generation of consumers. It owns five brick-and-mortar stores in Shanghai’s high-
end malls, and it expects to reach 11 destinations in cities such as Beijing and Chengdu by end-2021.
“With this round of financing, the already cash-flexible Ushopal will be even more equipped to invest in its portfolio,
and Bonnie & Clyde experience centres,” said Ushopal founder and CEO Lu Guo in the statement. “We will continue
to co-invest and reinforce Ushopal’s brand matrix to become a retail group bold and respected globally,” added Guo.
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