Qiming Venture Partners has led a 150 million yuan ($21 million) Series C round funding in lingerie brand NEIWAI, per a firm filing.
NEIWAI, founded by Xiulu Lu in 2012, started off as a lingerie retail brand before diversifying its product base to cover categories such as loungewear, sportswear, and other lifestyle goods.
The brand targets to have 80 stores by the end of this year. It is planning to open its first oversee flagship store in San Francisco. NEIWAI has partnered New York-based luxury lingerie store Journelle, in its first global collaboration.
