CITIC Capital Invests in Chinese Fragrance Brand Reclassified

Tianwei Zhang
·2 min read

LONDON – The private equity arm of CITIC Capital has completed its investment in Shanghai Xiangmiao Trade Co., Ltd., the owner of the Chinese fragrance brand Reclassified, via its third renminbi-denominated China buyout fund. The deal marks CITIC Capital’s eighth completed acquisition in the beauty and lifestyle sector in recent years.

Founded in 2013, the Shanghai-based Reclassified sells a variety of scented products, including perfume, home fragrance, car fragrance, scented candles, and scented personal care products, via its over 100 retail outlets in 50 cities nationwide.

More from WWD

Mac Lin, chief executive officer of Reclassified, said the brand name, combining “Re” and “Classified,” illustrates the brand’s “determination to differentiate and refusal to be classified.”

“Since its establishment, the brand has vowed to work only with world-leading perfumers and developers to create high-quality, original fragrances and genuine experiences that are unique to Chinese consumers. We are committed to bridging interesting cultures, upholding individuality, and expressing freedom for our consumers,” Lin added.

Hanxi Zhao, senior managing director at CITIC Capital, said the investment is a response to Chinese consumers’ high aspiration for a better lifestyle, which has stimulated the rapid development of related sectors.

“The growth of the perfume and fragrance sector has been particularly strong,” said Zhao. “Reclassified has a deep understanding of the needs of Chinese consumers and takes pride in its strong heritage in world-class product development. It also has a strong offline retail network and online presence, enabling the brand to reach a broad consumer base through different channels.”

In addition to Reclassified, CITIC Capital’s investments in the related sector include American skin care brand Erno Laszlo; New Zealand clean beauty brand Trilogy; cosmetics packaging provider Axilone; beauty brand e-commerce service provider UCO; scent marketing solutions provider ScentAir; condom maker Lifestyles/Jissbon, and intimate wellness brand LELO.

Founded in 2002, CITIC Capital manages over $32 billion of capital across 100 funds and investment products. Its over 200 portfolio companies span 11 sectors and employ over 800,000 people worldwide.

CITIC Capital’s private equity arm, which manages $7.6 billion of committed capital, focuses on control buyout opportunities globally and has completed over 79 investments in the past in China, Japan, the U.S. and Europe.


CITIC Capital Acquires Estée Lauder China E-commerce Operator