Givaudan invests in Series A round of Next Beauty China
Givaudan said that it has invested in the Series A funding round of Next Beauty China, an incubator for emerging fragrance and beauty brands striving to grow in China.
The Swiss manufacturer of flavors, fragrances and active cosmetic ingredients said that the investment relationship will utilize the respective capabilities of the two firms to support emerging fragrance and beauty brands to help them provide the Chinese market with creative, unique and integrated solutions.
Maurizio Volpi —Fragrance and Beauty President at Givaudan said: “Initiating this exciting partnership with Next Beauty China, by becoming a shareholder, provides Givaudan with a further access into the high growth Chinese fragrance & beauty market and is fully aligned with our 2025 strategy.
“By sharing our creative and innovation capabilities, we will be able to generate additional value for Next Beauty as they seek to develop premium brands for Chinese consumers.”
Established in 2018, Next Beauty China is based in Shanghai. It has a workforce of nearly 50 people with expertise in recognizing high potential premium brands apart from positioning, marketing, and distributing growing fragrance and beauty brands in China.
Next Beauty China is said to have a network of connections with Chinese celebrities, live streamers, and influencers. Presently, the company has more than 15 brands in the fine fragrance, hair care, and skincare segments.
Yu Lu and Gregoire Grandchamp — co-founders of Next Beauty China said: “We are thrilled to enter into this collaboration with Givaudan. We would like to thank the Givaudan team for their trust and also our existing partners and collaborators for their ongoing cooperation and support.
“Givaudan’s global capabilities and its very strong footprint in China will be a great support in many areas as we look to develop Next Beauty and capture the exciting growth opportunities in the Chinese fragrance & beauty market.”