Perfect Diary is a Chinese cosmetics brand founded in 2016 that grew its initial following via social commerce platforms such as Xiao Hong Shu (Red) and WeChat. The company is best known for products like lipsticks and was a top seller on Alibaba’s Tmall during major 2019 promotional events. By June it had opened about 100 brick-and-mortar stores in cities including Guangzhou, Shanghai, Hangzhou, and Suzhou, and it planned to expand to 600 stores nationwide by 2022. The broader Chinese cosmetics market has been rebounding from COVID-19, with H1 sales nearly flat year-on-year and strong month-on-month growth in July and August, which provides a favorable backdrop for the brand. Perfect Diary has signaled plans to pursue an IPO in the U.S. before the end of the year with Goldman Sachs and Morgan Stanley named as underwriters. The company declined to comment to reporters on the recent financing and IPO plan. Yatsen owns the popular cosmetics brand Perfect Diary and is based in Guangzhou. Perfect Diary was the top-seller for cosmetics on Alibaba’s Tmall platform in 2019. In early March the company secured a new fundraising round of USD 100 million. The deal was reported to be led by Tiger Global Management and joined by Hopu Management Investments and Boyu Capital. The company is now valued at USD 2 billion. Yatsen declined to comment on the new fundraising when contacted by KrASIA.

Total raised

$100M

Funding rounds

2

Latest round

Equity

Latest activity

Apr 2020