The Japanese online beauty retailer @Cosme has bought a stake in Singapore website Vanitee, described as a “digital marketplace for beauty artists”.
Neither the value of the investment, or the size of the stake acquired was disclosed by either party.
Vanitee was founded just 12 months ago by Douglas Gan, Kuik Xiaoshi and Choy Peng Kong. It has already secured investment funding from Luxasia Group, amongst others, amounting to several million Singapore dollars.
With a database of about 3000 customers already, Vanitee is now looking to expand further into Asia, especially in the north.
@Cosme, a subsidiary of Japan’s istyle inc, has physical retail stores in Tokyo and Osaka and runs eCommerce websites and and an online spa guide. Besides its focus on the Japanese market, istyle is increasingly targeting customers in Greater China.
CFO Kei Sugawara says the Vanitee investment marks the company’s first expansion into Southeast Asia
“We are thrilled to work with Vanitee to stretch the @Cosme footprint beyond Japan. We will focus our efforts to revolutionise how consumers in Singapore and Southeast Asia purchase and experience cosmetics and beauty products and services.”
Gan, who is Vanitee’s CEO, said the company has been successful in securing investment because of its ability to communicate its vision, and business goals.
“[Investors] love entrepreneurs with big ideas who have the humility to get their hands dirty and get things done.”
