SHANGHAI— L’Oréal’s China Fund, Shanghai Meicifang Investment, has taken a minority stake in Chinese perfume brand Documents.
This is Meicifang’s first investment in the Chinese market.
Meicifang’s minority stake marks the closing of Documents’ Series A investment of more than 10 million renminbi, or $1.4 million. Cathay Capital’s Consumer Co-Creation Fund also led this round of investment.
The news was unveiled today at the first season event of the Shanghai Shopping Festival Global New Products on May 5, according to local media.
“Documents is not only an emerging pioneer in China’s high-end personalized beauty market, but also a popular Chinese fragrance brand among young Chinese buyers for its signature oriental aesthetic,” Fabrice Megarbane, President of L’Oreal North Asia and CEO of L’Oréal. ‘Oreal China, told local media.
Founded in 2021 by former Nudake China CEO Zhaoran Meng, Documents is known for its “chanku” or “zen and cool” aesthetic and cutting-edge store design.
Dubbed “the most expensive Chinese perfume brand”, Documents focused on high-end perfumes containing Chinese ingredients such as star anise, mugwort, yulan magnolia and walnut. Perfume prices range from 850 renminbi, or $122, to 1,750 renminbi, or $253.
The brand’s clientele is made up of 60-70% Gen Z shoppers, the perfumer previously told local media.
Documents operates two stores in Shanghai and one store in Beijing’s famous SKP-S mall.
According to Meng, Documents will use the investment to focus on talent acquisition, product development, business operations, global expansion and becoming “an international brand.”
Established last May, Meicifang is the first China-specific venture capital fund of the world’s largest beauty maker. The fund is backed by BOLD, Business Opportunities for L’Oréal Development, a fund focused on taking minority stakes in start-ups with high growth potential.
Prior to the establishment of Meicifang, L’Oreal acquired Chinese skincare brand Mininurse in 2003 and beauty brand Yuesai in 2004.