Perfect Diary denies IPO rumors, saying there are no related plans

According to an IPO report, the Perfect Diary, a Chinese cosmetics brand, has recently discussed IPO matters with a number of investment banks and is expected to be listed at the end of this year or the first half of 2021. In this regard, Perfect Diary said that this is untrue news, so far the company has not launched IPO related plans.

It is reported that in September 2019, Perfect Diary received a new round of financing led by Gao Lian Capital, Sequoia Capital China Fund and CMC Capital. The valuation at that time was slightly higher than 1 billion US dollars. In early March of this year, Perfect Diary once again completed a new round of financing of US $ 100 million. Tiger Global Management led the investment, Hopu Fund and Boyu Capital. The post-investment valuation has reached US $ 2 billion. The valuation in the last round of financing was doubled.

According to the data, Perfect Diary was established in 2017 and is affiliated with Guangzhou Yixian E-Commerce Co., Ltd., which opened the Tmall flagship store in the same year, with online sales exceeding one million on the first day of opening. In 2018, Perfect Diary began to gain popularity on social platforms such as Xiaohongshu, gaining a large number of young users, and then set off a wave of domestic cosmetics. "Little black diamond lipstick" and "animal eye shadow disc" have become popular models. As of the end of 2019, Perfect Diary had 1.732 million followers in Xiaohongshu, with more than 2.3 million likes and collections, and a total exposure of hundreds of millions. During the same period, the luxury brand Saint Laurent had only 92,000 fans.

The perfect diary in 2019 has achieved "breaking circles" and has been sought after by a large number of fans on multiple platforms such as Xiaohongshu, Taobao, Weibo and Douyin. In the same year, on Double Eleven, Perfect Diary was not only the first cosmetics brand to break through 100 million, but also ranked first in the cosmetics sales list, and became the first domestic brand on Tmall Double Eleven. In January and February 2020, the sales of Perfect Diary surged 250% year-on-year.

Not long ago, Perfect Diary has just completed the makeup brand "Little Odin", which not only extends the life cycle of consumers for the brand, but also complements the categories that they are not good at.

In January 2019, Perfect Diary opened its first offline experience store in Guangzhou. By the end of 2019, it had opened more than 30 offline experience stores nationwide. On December 26, 2019, Yixian E-Commerce, the parent company of Perfect Diary, announced the establishment of a new retail headquarters in Fengxian, Shanghai, and said that it will speed up store openings in the next three years. It plans to open 200 stores in East China and 600 stores nationwide in the next three years.