Carlyle leads $100m Series D for Chinese lingerie brand

Neiwai achieved a valuation of more than RMB1 billion ($142 million) in 2019 following an RMB150 million Series C led by Qiming. Vertex China led a Series B in 2017.

Revenue is said to have grown 100% year-on-year between the company's inception in 2012 and 2019. In the first half of 2021, sales rose by more than 260% year-on-year, and monthly revenue exceeded RMB200 million.

Neiwai claims the highest year-on-year growth rate among the top five brands in the industry. It ranked second among all domestic and foreign lingerie brands during China’s June 18 shopping festival.

Neiwai targets women who prioritize comfort but still seek elegance when buying intimate wear. It started with comfortable wire-free 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 Neiwai Active and NeiwaiPetite, which targets women aged 18 to 25. Neiwai Active primarily provides clothes for the dance scene. It currently accounts for more than 20% of overall sales.

Brick-and-mortar outlets are a key part of the strategy, with the company now operating around 120 stores across 32 cities, compared to 60 stores in 2019. It is estimated there will be more than 200 offline stores by the end of 2021.

Neiwai opened its first concept shop in Shanghai in April, which features the full suite of product categories with an immersive experience. First-month sales at the store exceeded RMB2 million.

Overseas revenue is projected to top $30 million in 2021 across markets including the US, Canada, and Australia. These sales will be generated through online channels.

Neiwai extends a theme of Chinese brands demonstrating a renewed focus on brick-and-mortar operations. KK Group, a retailer that covers products from cosmetics to snacks, and Tiger Attitude, a bakery brand, are among them.

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• Topics
• Greater China
• Consumer
• Expansion
• China
• Vertex Ventures
• Qiming Venture Partners
• The Carlyle Group
• e-commerce