ClearVue Partners pump $20m investment into nutricosmetics brand Lumi

China-based nutricosmetics brand Lumi has secured CNY120m ($20m) series fund from private equity firm ClearVue Partners.

Other private equity firms such as Fidelity, JAFCO, Capvent, along with Lumi’s existing shareholder DCM also participated in the round.

With the new funding, ClearVue managing partner William Chen will join Lumi’s board of directors.

According to the firm, the new fund will aid in its branding, product and channel development programs and will also help to improve its customer service, and strengthen the firm’s position as the major player in the nutritional beauty industry throughout China and abroad.

Lumi co-founder and COO Joe Tai said the female consumers have begun to understand that nutritional beauty products are more natural and beneficial to their overall health and beauty.

"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. We are building a company dedicated to providing the best quality nutritional beauty products to our customers through both e-commerce and offline channels," Tai added.

Lumi, which currently sells its products through department stores in China such as Parkson and Intime Group, is the bestselling brand of collagen drinks and other nutritional beauty products in Watson’s, TMall, Taobao and 360Buy, according to the company.

Lumi’s products are also endorsed by China’s actresses, Yang Mi.

According to the market researcher Euromonitor International, China’s health and beauty-related industry is estimated to be a $24bn market, making it the fourth largest in the world after the US, Japan and Brazil.

In addition to this, China’s health and beauty sector has grown by nearly 20% annually for the past five years, according to China’s National Bureau of Statistics.