Brand accelerator platform Ushopal has completed a $100m financing round led by private equity firm FountainVest Partners, increasing its total investment pool to $200m. The new funding will support brands’ growth in China and Asia Pacific. Other investors include Cathay Capital, Zhongyuan Capital, Hengxu Capital and Dazhong Zhongsong Fund.
Ushopal was founded in 2017 and specializes in omnichannel strategies in China and helping international brands develop in the country. The platform focuses on niche, global luxury beauty brands. Its portfolio includes brands like Chantecaille, Juliette has a gun and Anastasia Beverly Hills, among others, and mostly covers brands sold exclusively at retailers like Harrods in the UK, Le Bon Marché in France and Neiman Marcus in the US.
Ushopal’s gross merchandise value (GMV) surpassed $200m in 2020.
The platform’s services include a network of 2,500 luxury influencers, an in-house content studio, branding team, Tmall retail operations and global logistics.
Additionally, Ushopal plans to expand multi-brand beauty chain Bonnie & Clyde to more cities, such as Beijing and Chengdu and will reach 11 destinations by the end of 2021. The retailer currently has five brand centers in Shanghai. The chain focuses on luxury beauty and all Bonnie & Clyde locations have an average transaction value of Rmb5,000 ($765.50), with customers often spending over Rmb10,000 ($1,531) per trip.
Ushopal says that, unlike other beauty chains that focus on traffic and discounting, Bonnie & Clyde is fully authorized by brands and features brand-dedicated zones and meet-up spaces for key opinion leaders (KOLs). The chain claims to be the only beauty destination that delivers online cross-border purchases within four hours with customs fully cleared.