LONDON — Neiwai, the homegrown Shanghainese lingerie model, mentioned Thursday it has raised $100 million in sequence D funding, led by Carlyle Group, along with Vertex Ventures, Qiming Venture Partners and Investarget, which acted because the unique monetary adviser.
The 10-year-old model mentioned the cash raised will probably be used to develop merchandise and classes, elevate model consciousness and speed up world growth.
Neiwai, which suggests “inside-outside” in Mandarin, was based in 2012 by Xiaolu Liu and her husband Jiang Li after the couple returned house to Shanghai from the U.S. They started by creating high-quality, wi-fi bras that had been comfy but fashionable and promoting them on-line. They have developed into a web based and offline way of life retailer with greater than 120 shops throughout China, carrying ready-to-wear, sportswear and undergarments for women and men.
The model revealed that in the course of the first half of 2021, gross sales jumped 260 %, and its month-to-month gross sales lately surpassed 200 million renminbi, or $31 million. It plans to open 80 extra shops by the tip of 2021.
Back in 2018, the couple instructed WWD that they’ve plans to increase their model into the kids’s put on market and develop an offline presence in North America, South East Asia and Europe.
The label launched an independently run worldwide web site in October 2020 and affords world transport. According to the model, its abroad annual gross sales in 2021 are anticipated to exceed $30 million.
It’s understood that its offline world growth has been placed on maintain because of the pandemic, however with issues going again to regular and capital in place, San Francisco or New York is prone to be the primary place outdoors China to host a Neiwai brick-and-mortar retailer, based on sources.
Chinese Lingerie Brand Neiwai Eyes Global Expansion