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YOU, a makeup brand based in Southeast Asia, announced on Wednesday that it has completed a $40 million financing, led by Hidden Hill Capital and followed by SIG, Gaorong Capital, ATM Capital, eWTP Arabia Capital and M31 Capital. So far, YOU has bagged a total of $70 million in funding.
The new funds are mainly for expansion of YOU stores, product R&D, global supply chains and talent expansion in overseas emerging markets, further consolidating the brand’s position. in the makeup industry in Southeast Asia.
As a beauty brand integrating makeup and skincare products, YOU started operating in the Indonesian market at the end of 2018 and has since expanded to the Philippines, Malaysia, Thailand and other countries, covering nearly 40,000 points of sale. The company uses safe and globally advanced ingredients to help modern women solve skin problems from within. According to the characteristics of Indonesian skin, YOU launched a series of localized products such as makeup with skin care functions and anti-aging essence.
The founding team of YOU, from Chinese smartphone brand OPPO, has rich experience in developing retail and makeup products in Southeast Asia for many years. The founding team said: “The development of a brand is subject to the economic level of the country in which it is located. Compared to consumers in countries with high GDP per capita like China and the United States, users in Southeast Asia are looking for quality brands. . In Southeast Asian markets, especially Indonesia, a high entry threshold makes it impossible for foreign products to enter quickly, providing an excellent opportunity for the rise of local brands with strong channel expansion capability.
In terms of promoting sales channels, YOU completed the layout of online and offline channels in just three years, including franchise stores, supermarkets, convenience stores and major e-commerce platforms. YOU has been recognized by a large number of dealers for upgrading the image of sales stores and training buying guides.
In terms of product R&D, YOU relies on China’s mature makeup supply chain and has advantages in quality, product upgrade speed and cost.
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Mintel, a world-renowned market research company, revealed in its latest report that Southeast Asia is listed as the “future market” for the development of the global makeup industry. It is estimated that by 2025, its market size will exceed $300 billion, of which Indonesia, the Philippines and Thailand have a growth potential of more than 120%.