Legend leads $18m round for Chinese beauty clinic chain

In addition to Legend, US-based Ares Capital also participated in the round. PhiSkin will use the new capital for improvements to its existing clinics and to open new locations across China. The company also plans to launch training programs aimed at building an academic foundation for cosmetic surgery in the country.

Phiskin was founded in 2012 and provides a range of cosmetic surgery procedures, including botox, laser treatments, and double eyelid surgery, along with non-surgical interventions. Currently it operates seven clinics and beauty centers in four cities, with plans to expand to 10 centers by the end of the year.

H&Q took part in PhiSkin’s first funding round in 2015, committing RMB54.4 million of the RMB64 million total. The firm has been deeply involved in the company’s subsequent expansion, bringing in former Sephora China CEO Catherine Kang as CEO. PhiSkin reported RMB60 million ($8.8 million) in revenue in the last financial year.

Cosmetic surgery is growing in popularity among China’s consumers as it becomes increasingly socially acceptable for young men and women to alter their appearance. HSBC said earlier this year that it expects the industry to double in market size by 2019, becoming the world’s third largest behind the US and Japan.

Legend’s other nvestments in China’s healthcare sector include drug developers Suzhou Ribo Life Science and Innovent Biologics, along with genetic test developer Berry Genomics. Berry underwent a reverse merger last year after agreeing to a buyout by Shenzhen-listed shell company Chengdu Tianxing Instrument & Meter.

• Tweet  
• Facebook  
• LinkedIn  
• Google plus  
• Save this article  
• Send to  

• Topics
• Greater China
• Healthcare
• Expansion
• Consumer
• China
• Legend Capital
• H&Q Asia Pacific
• Growth capital