Qiming leads $21m Series C for Chinese lingerie brand

Founded in 2015, the company targets women who prioritize comfort but still seek elegance when buying intimate wear. It started with comfortable wireless underwear and has since expanded into a lifestyle brand covering casual, sports and leisurewear as well as fragrances.

There are also two sub-lines: sports-focused NeiwaiActive and NeiwaiPetite, which targets females aged 18 to 25. This age group now represents 35% of the company's overall customer base.

Neiwai claims its revenue has grown 100% year-on-year since inception. Brick-and-mortar outlets are a key part of the strategy. It now operates around 60 stores and expects to surpass 80 by the end of the year. A debut overseas outlet, likely to be located in San Francisco, is also on the agenda. Neiwai claims new stores break-even within 6-12 months.

Offline sales revenue accounts for 30% of the overall total, up from 10% last year. Average spending per customer in-store is RMB1,100, three times the comparable online figure.

Xiaolu Liu, Neiwai's founder, said that offline stores enhance the brand’s image and therefore stimulate online traffic. Other brands have reached similar conclusions, prompting a renewed focus on brick-and-mortar operations. KK Group, which raised RMB400 million in Series C funding last week, also bets on offline stores.

Neiwai has previously raised money from the likes of ZhenFund, Zhen Cheng Capital, QF Capital, and Vertex Ventures China.

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• Topics
• Greater China
• Consumer
• Expansion
• Technology
• Qiming Venture Partners
• e-commerce
• TMT
• China