Givaudan invests in fragrance and beauty incubator in China
Next Beauty has launched more than 15 successful brands in China in less than three years
- By ICN Bureau
| July 28, 2021
Givaudan announces that it has invested in the series A funding round of Next Beauty, a leading incubator for emerging fragrance & beauty brands looking to grow in China. Givaudan and Next Beauty believe in the significant potential of the Chinese fragrance & beauty market and this investment relationship will leverage their respective capabilities to support emerging fragrance & beauty brands, with creative, unique and integrated solutions for the Chinese market.
Founded in 2018, Next Beauty is headquartered in Shanghai and employs around 50 employees. They are recognised as experts in identifying high potential premium brands and in the positioning, marketing and distribution of emerging fragrance & beauty brands in China. Next Beauty also has a very strong digital footprint, being a 5* Tmall partner, and having a strong presence across key social media platforms. With more than 15 successful brands launched in China in less than three years, Next Beauty has established itself as a leading incubator for fragrance & beauty brands in China.
As a market leading company in the fragrance & beauty business, Givaudan will be able to support Next Beauty in realising their ambitions via the extensive suite of capabilities that Givaudan has globally and in China, with Next Beauty bringing a deep knowledge of the Chinese beauty market and valuable insight into the key trends within the evolving Chinese consumer population.
“Initiating this exciting partnership with Next Beauty China, by becoming a shareholder, provides Givaudan with a further access into the high growth Chinese fragrance & beauty market and is fully aligned with our 2025 strategy. By sharing our creative and innovation capabilities, we will be able to generate additional value for Next Beauty as they seek to develop premium brands for Chinese consumers.” said Maurizio Volpi, President Fragrance & Beauty at Givaudan.
Yu Lu and Gregoire Grandchamp, co-founders of Next Beauty said: “We are thrilled to enter into this collaboration with Givaudan. We would like to thank the Givaudan team for their trust and also our existing partners and collaborators for their ongoing cooperation and support. Givaudan’s global capabilities and its very strong footprint in China will be a great support in many areas as we look to develop Next Beauty and capture the exciting growth opportunities in the Chinese fragrance & beauty market.”
The terms of the deal will not be disclosed and Givaudan funded the transaction from existing resources.
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