Yatsen, the parent company of China’s top homegrown beauty brand Perfect Diary, announced yesterday (March 2) that it will acquire high-end skincare brand Eve Lom. The purchase from private equity fund Manzanita Capital is expected to take place in the next few weeks, and Manzanita Capital will still hold a minority stake in Eve Lom. Professional beautician, Eve Lom, founded the London-based brand in 1985. It is best known for its cleansing cream and is well-known in China’s beauty market.
Huang Jinfeng, founder and CEO of Yatsen, praised Eve Lom’s strong sales growth and profitability throughout the pandemic. The acquisition will help to expand the company’s portfolio as it seeks to compete with international beauty brands.
“We are delighted to welcome the globally beloved Eve Lom brand into our brand portfolio. Eve Lom is one of the best performing skincare brands famed for its profound brand heritage and unique formulas that combine luxury with high-performance results. The brand has developed an incredibly loyal following driven by its hero products such as the Eve Lom Cleanser, and demonstrated resilient sales and profitability even during COVID-19.”
Jinfeng Huang, founder, chairman and CEO of Yatsen
Yatsen has had a rapid rise, becoming the first Chinese beauty company to list on the New York Stock Exchange last November. It was founded in 2016 with Perfect Diary as its first beauty brand. At the beginning of 2020, Yatsen acquired the cosmetics brand Little Ondine, and in June it officially launched skincare brand Abby’s Choice. In preparation for its IPO, Yatsen acquired French beauty brand Galénic in October.
Eve Lom is popular among Chinese consumers and the brand is active on Chinese social media platforms. It’s been described online as “the best cleanser in the world” and the “Hermès of the cleanser market”. Many Chinese celebrities have also endorsed Eve Lom’s cleaners to their followers.
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