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36 氪 learned that Hangzhou Lexiu Electronics, a smart small appliance company, has completed a round of financing of 100 million yuan. This round is led by Yida Capital, and Jiujiu Capital and Yuanchuang Capital will follow the investment. Lingbo Capital and Fanzhuo Capital acted as financial advisors for this round. According to Lexiu CEO Yu Jinming, this round of funds will be mainly used for product research and development investment and other aspects. Prior to this, Le Show had also received investment from Xiaomi, Shunwei Capital, and Dingxiang Capital.
Hangzhou Lexiu Electronics was established in February 2017. Its three major businesses include: its own brand ZHIBAI Zhibai (hereinafter referred to as Zhibai), ODM (design and manufacturing) business, and Xiaomi OJM (joint commission design and manufacturing), namely Mijia brand business .
Among them, the self-owned brand “Straight White” focuses on women’s personal care scenarios, and currently focuses on hair care products. The brand has launched high-speed hair dryer series, water ion hair dryer series, negative ion hair dryer series, straight curling irons and other products. In the first year of the product launch, the company’s revenue was nearly 100 million yuan, and the revenue in 2020 will exceed 700 million yuan.
Water ion hair dryer HL6
The market size of the small home appliance industry has exceeded 200 billion. According to data from the Ministry of Industry and Information Technology of the People’s Republic of China, in 2019, the operating income of the domestic household appliance industry was 1602.74 billion yuan, a year-on-year increase of 4.3%. The home appliance industry market remains stable as a whole, but the industry is undergoing structural changes. The growth rate of small home appliances is much higher than the industry average due to the characteristics of installation-free, low unit price, high appearance and small size.
Lexiu’s core team members come from first-tier home appliance companies such as Panasonic, Philips, Midea, Gree, Joyoung, and Xiaomi, and have more than 20 years of experience in the home appliance industry. Among them, Lexiu CEO Yu Jinming has served as chief engineer of Joyoung Soymilk Th activity division, general manager of water purification division, chief engineer of western electrical appliances division, and director of personal care project of the board of directors. Yu Jinming said that in 2017, the female personal care home appliance market, especially the hairdressing care track, is dominated by traditional brands, and lacks new brands with technological innovation capabilities and products that meet the needs of young consumers.
Looking at the demand side again, young users, represented by the post-90s and post-95s generations, have begun to pay more attention to the non-rigid demand for products in addition to the practicality of small home appliances. Under this premise, the sub-categories of small home appliances began to iterate in the two directions of “people without me” and “people with me superior”. The growth opportunities for new brands are on the one hand to develop new consumption scenarios that are not touched by traditional brands, and on the other hand to upgrade products based on their original needs.
Under such a background, Lexiu cuts in from the perspective of product innovation and technological innovation, and has applied for 316 patents, including 41 invention patents, 141 utility model patents, and 134 design patents. In order to consolidate and protect independent intellectual property rights, the company established its own factory and developed a number of core technologies, including a self-developed V-MAX motor with a speed of 100,000 rpm.
In addition to technology, based on industry experience and industry insights, the team integrates the functions and features of different categories of small home appliances as the starting point for product innovation, and users can directly feel the appearance, feel, and sound of product innovation. The details are polished, hoping to attract customers with “appearance”, retain customers with “appearance”, and “quality” to retain customers.
Yu Jinming said that the core function of traditional hair dryer products is blow drying. With the increasing demand for women’s “pleasure”, consumers’ demand for hair dryers has risen from blow drying to hair care. Faced with new demands, straightforwardly launched a high-speed hair dryer product featuring “wind-raising hair”, using a high-speed motor of 100,000 rpm and tens of millions of negative ions to achieve the effect of low-temperature and quick-drying while maintaining hair. The water ion hair dryer uses the patented water ion technology with a special air duct to achieve the effect of moisturizing and moisturizing the hair while blowing.
In addition, Zhibai also innovated and launched the “cold-wind curling iron” shaped by wind last year, using the form of “low-temperature perm + cold-wind blowing” to improve curling effect and efficiency.
Straightforward China Aviation Co-branded-Space Creative Hair Dryer
At present, Zhibai has established a hair dryer product matrix covering the low-end market under 200 yuan, the high-end market between 300 yuan and 600 yuan, and the high-end market around 1,000 yuan, and will mainly focus on the price range of 300 yuan to 1,000 yuan. . Yu Jinming said that for the personal care small household appliances category, female consumers are no longer just satisfied with “use”, but pursue a more personalized and technological sense of application experience. On the other hand, the current domestic brands are mainly low-priced, and the mid-to-high-end market is relatively blank. New brands have the opportunity to occupy the minds of users through more professional brand positioning.
In addition to hair care products, Zhibai’s next plan is to extend the category to other female care scenarios such as the oral care track, and launch products such as electric toothbrushes and dental flushers.
According to the report of the Prospective Research Institute, the penetration rate of China’s electric toothbrush market in 2020 will be less than 5%, and the market size in 2020 will be nearly 9.7 billion yuan. Compared with the average market penetration rate of 45% in Europe and America, the market capacity of personal care products, electric toothbrushes, will reach about 32 billion yuan in the next five years. Changes on the demand side have promoted the growth of oral care sub-categories. Toothpaste, electric toothbrushes, mouthwashes, tooth whitening products and other oral care subdivision tracks have gained the favor of the capital industry.
In addition to its own brand, Le Show has also joined the Xiaomi ecological chain system, and cooperated with Xiaomi to launch Mijia products such as hair dryers, electric heaters, and heaters. In the future, it will also launch clean small home appliances.