Pic: Neiwai
Chinese underwear brand NEIWAI recently concluded the D round of financing for $100 million, led by a global investment group in addition to long-time shareholders Vertex Ventures, Qiming Venture Partners and Investarget, which is also the exclusive financial advisor.
The money will be used for research and development, design of new clothing categories, brand building, and domestic and international expansion.
Established in 2012, NEIWAI focused on non-steel ring underwear market segmentation in the early days.
“Going forward, the proportion of underwear, casual home wear and sports clothing categories will gradually increase to about 30 per cent, 40 per cent and 30 per cent, its founder Liu Xiaolu told a Chinese media outlet.
The company is targeting new middle-class female users aged 25-40 by offering products related to a variety of work, home and sport scenarios every season.
Offline sales, however, is becoming a top priority for the company’s future development. In the past few years, more than 120 brick-and-mortar stores have been set up in the core business districts of 32 first- and second-tier cities in China.
In April this year, its first concept flagship store was reopened in Shanghai’s Jing An Kerry Centre, with the first month sales exceeding ¥2 million.
NEIWAI ACTIVE, a sports brand of NEIWAI, has been introduced offline and has received positive feedback with its research and development in the underwear clothing industry.
In 2020, the company set up an operation’s team in the United States, and launched an official, independently-run international website in October.
Fibre2Fashion News Desk (DS)
Chinese underwear brand NEIWAI has concluded the D round of financing for $100 million, led by a global investment group in addition to shareholders Vertex Ventures, Qiming Venture Partners and Investarget, which is also the exclusive financial advisor. The money will be used for research and development, new designs, brand building and expansion.