Several Western premium beauty brands, eager to tap the enormous potential of the Chinese market, have relied on the local brand accelerator Ushopal as their gateway to the country.
Founded by the Wharton graduate Guo Lu in 2017, Shanghai-based Ushopal has helped many foreign luxury players with their branding and omnichannel retail strategy in China. This includes the Spanish skincare brand Natura Bisse, French perfume brand Juliette Has a Gun, and the French makeup and skincare brand Chantecaille.
“Together with the brands, we curate and execute all the content marketing activities in China and beyond. Essentially, we operate as the brands’ Asia-based team or ambassador that drives the sustainable growth of the brand,” Ushopal’s vice president of brands William Lau told DealStreetAsia.
Lau is also the CEO of Bonnie & Clyde, Ushopal’s fully-owned, multi-brand Chinese store chain.
On March 8, Ushopal completed a $100 million Series D round led by PE firm FountainVest Partners with participation from its long-time investor Cathay Capital, Hengxu Capital, and others. With the funding, the company plans to bankroll its portfolio brands’ rapid growth in China and Asia-Pacific, as well as expand Bonnie & Clyde.
Ushopal has not only made investments in emerging brands in the beauty and wellness space but has also forged strategic partnerships by equity interest acquisitions in firms such as French skincare brand Algologie and perfume brand Nina Ricci.
In a chat with DealStreetAsia, Lau spoke about competition from China’s homegrown beauty brands, and his company’s business strategy, among other things. Edited excerpts:
