Social Bella International (Sociolla) raised 818 billion rupiah ($56.6 million) in funding led by LVMH-backed private equity firm L Catterton in the latter’s first investment in Indonesia, DealStreetAsia reports.
Social Bella is a six-year-old business that sells make-up, skincare, haircare, fragrance and beauty tools online and in eight physical stores. It claims to have amassed more than 20 million users across its Sociolla, SO.CO and Beauty Journal platforms in 2019, the same year the company launched its first flagship store. Social Bella also distributes and develops beauty brands in its local market and expanded into Vietnam last year.
L Catterton’s investment will go towards helping Social Bella target new Gen Z and Millennial shoppers. The firm will also join Social Bella’s board of directors.