ClearVue leads $20m round for Chinese beauty brand

William Chen, managing partner of ClearVue, will join Lumi's board of directors.

The new funding will be used to support the company's branding, product development and customer services with a view to strengthening its position as the leader in the nutritional beauty industry in China and beyond.

"Lumi's target customers are sophisticated and affluent female consumers who have been looking for products enriched with natural nutrients to better their skin and overall beauty," said Joe Tai, co-founder of Lumi, in a statement. "We are building a company dedicated to providing the best quality nutritional beauty products to our customers through both e-commerce and offline channels."

Established in 2007, Lumi currently has sales outlets in leading department stores such as Parkson and Intime Group. It is the best-selling brand of collagen drinks and other nutritional beauty products in Watson's, TMall, Taobao and 360Buy.

"Lumi is an exceptional company with the potential for explosive growth in the fast growing nutritional beauty market," said William Chen, managing partner of ClearVue Partners.

China's health and beauty-related industry is estimated to be worth $24 billion, making it the fourth largest in the world behind the US, Japan and Brazil, according to Euromonitor International. China's National Bureau of Statistics claims that the country's health and beauty sector has grown by nearly 20% every year for the past five years.

Earlier this year Fidelity Growth Partners Asia announced plans to launch its biggest Chinese venture capital fund in 2013. Half of the capital raised for the $250 million fund will be invested in the healthcare sector.

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