THE WHAT? China’s Perfect Diary brand has closed a fundraising round that brings the brand’s valuation to an impressive US$4 billion, twice that achieved in a round in March this year, according to a report published by KrAsia.

THE DETAILS Investors include Warburg Pincus, Carlyle Group and Loyal Valley Capital – although the exact sum raised has been kept under wraps.

The brand is said to be preparing for an IPO in the US before 2020’s close, with Morgan Stanley and Goldman Sachs named as underwriters.

THE WHY? With China’s cosmetics market showing healthy growth in July and August and all but recovered from the drop it experienced in the first quarter, Perfect Diary is forging ahead with an ambitious growth strategy. It’s planning to grow its store count six-fold by 2022 and frequently tops the best-seller charts during Tmall shopping festivals.