Chinese lingerie brand Neiwai has raised 100 million dollars in a Series D financing round led by an unnamed global investment group. The news reported by Chinese media outlet 36Kr.
Neiwai plans on using the latest round of funding for research and development, brand buildings, and both domestic and international sales channel expansion. Neiwai was founded in 2020 as a bralette company, but has since expanded into several other categories including athleisure, loungewear, and lingerie. China’s total lingerie market is estimated at 61 billion dollars.
Neiwai has become very popular due to featuring women of diverse body types in their ad campaigns. The company releases up to 500 new SKUs every season, and has a strong e-commerce presence.
The most impressive thing about Neiwai has been their growth. Total sales increased 260 percent year-on-year. Monthly sales exceed 30 million dollars, and they have a 50 percent repurchase rate. The U.S. is the brand’s next target for growth after setting up an office here and making their website international.