The profile is currenly unclaimed by the seller. All information is provided by CB Insights.

harmay.com

Founded Year

2013

Stage

Series D | Alive

About Harmay

Harmay is a personal care product chain that operates stores and sells beauty and skincare products.

Harmay Headquarter Location

Beijing, Beijing,

China

+86 400-890-6878

Predict your next investment

The CB Insights tech market intelligence platform analyzes millions of data points on venture capital, startups, patents , partnerships and news mentions to help you see tomorrow's opportunities, today.

Expert Collections containing Harmay

Expert Collections are analyst-curated lists that highlight the companies you need to know in the most important technology spaces.

Harmay is included in 1 Expert Collection, including Beauty & Personal Care.

B

Beauty & Personal Care

1,918 items

Startups in the beauty & personal care space, including cosmetics brands, shaving startups, on-demand beauty services, salon management platforms, and more.

Latest Harmay News

Diving into the offline multi-brand beauty store boom in China

Apr 14, 2022

Diving into the offline multi-brand beauty store boom in China Source: Shutterstock Beauty collection stores are quickly growing in China – as Chinese consumers’ appetite for beauty products continues to evolve. Most people’s first thought may be Sephora, Watsons, or Mannings, where customers can access a wide range of skincare, make-up and fragrance products. The biggest advantage these retailers have is their wide selection of brands, product categories, and price ranges, with Sephora focusing more on high-end goods, and Watsons and Mannings offering mass market and daily use products, sourced both domestically and internationally. Consumers can buy all the products they need at once in a collection store, without having to go from one brand counter to another, and many are even located in residential areas that allow quick, unmanned access. In China’s highly competitive cosmetics industry, some new models of offline multi-brand beauty stores have emerged one after another, boosting cosmetics consumption, and gradually eroding market share of the old, established players. According to data from iResearch, the market size of China’s multi-brand beauty stores reached 41.9 billion yuan (US$6.6 billion) in 2020. Going forward, the market size and market share of  these new players are expected to grow. Here we dive into this trend and look closer at three successful new multi brand stores. Source: Azoya Market demand – The change of new beauty collection stores The new multi-brand beauty stores are more in line with the needs and shopping preferences of young consumers, from the product selection to the layout (store design, experience). They focus on young consumers who pay attention to the shopping experience and cost effectiveness. In addition, the abundance of brands are an important reason for consumers to favor new multi-brand beauty stores. The consumption of beauty products by the new generation of users shows a trend of diversified categories and functional demands, and they are more willing to choose beauty products suitable for their own needs. The new multi-brand beauty stores have a higher tolerance for emerging brands, and they cooperate with design and personality brands. Therefore, the new type of beauty collection stores, including many emerging brands at local and abroad, are gradually gaining more consumers’ favor. According to research data, 73.5 percent of consumers go to new multi-brand beauty stores because they can buy brands and products that are not available in traditional beauty collection stores. On the other hand, traditional multi-brand beauty stores have professional consultants who interact with consumers and promote products to them. Compared with beauty associates (BA) following shoppers in traditional beauty collection stores, the new beauty collection store adopts a light BA mode, which also creates free shopping space and a pleasant shopping experience for consumers. Source: Azoya Consumer demand – The younger generation pays more attention to the shopping experience Compared with traditional beauty collection stores with relatively consistent in-store layout and design, the new multi-brand beauty stores bet heavily on the retail space design with big investments to attract young people to the store. The new beauty collection store provides a place for consumers to play, experience, buy, take photos, and share on social media. According to research data, about 50 percent of consumers believe that a sharable visiting experience for real-time fun on social media is also one of the main reasons to visit and shop from new beauty collection stores. Customers also find new beauty collection stores very generous with distributing samples from high-end brands. The new beauty collection stores have captured the new generation of beauty users’ demand for small sample products, and sell the samples as stand-alone products in stores at much lower prices helping brands reach new customers. Top three beauty collection stores in China to know right now 1. The Colorist Source: Azoya The Colorist, run by KK Group (Guangdong Kuaike E-Commerce), opened its first store in October 2019, positioning itself as a go-to spot for both affordable and upscale beauty products. By June 2021, The Colorist had expanded to over 300 stores in 20 cities nationwide. The Colorist stores are designed with bright colors, such as pink, orange, light purple, etc., giving them a more youthful feel that appeals to Gen Z and  Millennial consumers. Its rainbow-colored decor has become a selfie spot for consumers, who then post such photos on Weibo, WeChat, or other Chinese social media platforms. Source: Azoya The Colorist, which only opened for business in 2019, has risen rapidly in popularity in just two years with a staggering 2887.5 percent CAGR in total merchandise transactions, second only to Watsons and Sephora in market share. From 2018 to 2020, the net profit of KK Group was still negative, but The Colorist was always profitable. The Colorist has advantages not only in terms of capital, but also in terms of product category, service quality, and supply chain. The Colorist focuses on emerging brands, niche brands, and popular brands. According to consumption data, the stores maintain impressive speed and efficiency with their product updates to fuel in-store traffic and sales. The wide variety of products is one of the reasons why The Colorist is popular. According to the official data of The Colorist, its stores cover 400+ global popular beauty brands with over 5,000 individual products. The assortment includes both familiar products, such as UNNY, Canmake, and big cosmetics brands, such as La Mer, Farman, Chanel, Armani, and Dior. 2. Harmay话梅 Source: Azoya Harmay, founded in 2008, is known for its architecturally designed stores and niche brand offering. In January 2022, Harmay secured US$200 million in series C and D rounds of financing. Harmay mainly sells mid-to-high-end brands, attracting traffic and improving full-size product conversion through big brand samples. Prices of many international products in the Harmay store are also very attractive. Many products are discounted from the counter price, and some popular items like lipsticks that may be out-of-stock at traditional counters can still be found at Harmay. Harmay is different from other beauty collection stores in the market. Harmay does not have many offline stores, nor does it sell many domestic products in the store; it mainly sells foreign brands. At present, 50 percent of the SKUs in Harmay’s offline stores are overseas niche beauty brands. Harmay has introduced a series of overseas niche brands through exclusive agency and capital operations, aiming to enhance brand differentiation and increase store repurchase rates. To complement its offline stores, Harmay also operates a mini-program store, WeChat public account, and Taobao store online. In addition to increasing sales, Harmay attracts traffic to its offline stores by promoting new product launches, special events, and new store openings. The offline stores will also guide consumers to register members in the checkout process, realizing the closed loop marketing. In terms of the construction of the membership system, Harmay launched paid membership cards, which sold out as soon as they were released. The paid membership system can effectively bind high-quality members with strong stickiness, so that middle-tier and high-end users can enjoy differentiated membership services during the shopping process, thereby enhancing membership stickiness. 3. H.E.AT喜燃 Source: Azoya H.E.A.T, run by Guangzhou Yiran Daily Necessities, opened their first store in Guangzhou city in July 2020, and then went on to expand further to 10 stores within a mere six months. Their stores are spacious and clean with picture-perfect interior designs for eye-catching social media posts. H.E.A.T’s target demographic is post-95s (or those born from 1995 onwards). They handle over 300 brands and over 4,000 SKUs worth of items and mainly focus on new Chinese brands, such as Perfect Diary, and niche brands from overseas. As the majority of new cosmetics brands mostly sell online, H.E.A.T stores are becoming spaces to try out products firsthand before making a purchase. Along with a spacious testing corner, H.E.A.T stores also have full body mirrors that allow visitors to select cosmetics to match their overall style. Meanwhile, the company is also running an e-commerce business, having set up an online store as a WeChat mini program in November 2020.

Harmay Web Traffic

Rank
Page Views per User (PVPU)
Page Views per Million (PVPM)
Reach per Million (RPM)
CBI Logo

Harmay Rank

  • When was Harmay founded?

    Harmay was founded in 2013.

  • Where is Harmay's headquarters?

    Harmay's headquarters is located at Beijing.

  • What is Harmay's latest funding round?

    Harmay's latest funding round is Series D.

  • Who are the investors of Harmay?

    Investors of Harmay include Eastern Bell Capital, General Atlantic, N5 Capital, Ocean Link, QY Capital and 4 more.

Discover the right solution for your team

The CB Insights tech market intelligence platform analyzes millions of data points on vendors, products, partnerships, and patents to help your team find their next technology solution.

Request a demo

CBI websites generally use certain cookies to enable better interactions with our sites and services. Use of these cookies, which may be stored on your device, permits us to improve and customize your experience. You can read more about your cookie choices at our privacy policy here. By continuing to use this site you are consenting to these choices.