Bakery chain Lady M is raising US$20 million (130 million yuan) in new funding, at a $600 million valuation. The funds will be used to expand in Asia, perhaps acquiring other bakery brands and opening more stores in China.

In 2021, the company closed many stores in Beijing and now, has about 30 stores in mainland China.

When Lady M opened in 2017, it was an instant hit, regarded as the Hermes of cakes. Competition is now very fierce in the yummy treat market. China’s snack food industry broke one trillion yuan (US$150 billion) in 2018, among which baked food is the largest category. In 2021, the bakery market exceeded 280 billion yuan.