Hi!Papa Completes Series A+ Fundraise Led by L Catterton

On December 20th, L Catterton, the investment fund under LVMH, announced the completion of its exclusive Series A+ round of investment in the Chinese children's professional skincare brand Hi!papa. Detailed transaction information was not disclosed.

This investment will be channeled toward brand building, broadening the product suite, and augmenting the distribution network.

Hi!Papa is a personal care company founded in China in 2019 with a focus on meeting the skincare needs of school-age children in the country. Having a customer-centric iterative research and development process, Hi!Papa has built a portfolio of highly-acclaimed products including sunscreens, as well as face cleansers and creams. These are progressively developed based on insights and feedback the company gathers from a group of around 200,000 consumers before official launches. Bearing testament to the quality of its products, customers rank the brand ahead of others when evaluating them based on key purchase considerations such as ingredient safety, product efficacy, and texture.

Coupled with having an omnichannel presence and well-targeted marketing campaigns, Hi!Papa’s portfolio of stellar products has enabled it to grow swiftly. Its products have best-in-class conversion and repurchase rates, and its customers are avid advocates of the brand. Accordingly, its products are consistently top sellers on online platforms such as Douyin and Tmall, and are gaining traction offline across the country as well.

Scott Chen, a managing partner in the RMB fund of L Catterton, added, “Having made more than 30 investments in the global personal care space, we have seen demand for products which specially meet children’s skincare needs arise in other markets as they mature, and are not surprised that this arc is now unfolding in China too. Hi!Papa has likewise identified this market opportunity and methodically developed products that resonate with its target consumers, enabling it to not only capture white space, but also engender strong brand equity and win long-term customer loyalty. Its many achievements since its founding have been remarkable and we believe that it is poised for further success.”

This is the third time this year that L Catterton has invested in China's beauty sector. In September, L Catterton led the Series B financing of Jiangsu Chuangjian Medical Technology. Last week, L Catterton made an equity investment in the Chinese makeup brand blank me.