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Home Business & Finance China’s cosmetics startup Yatsen to buy 35-year-old skincare brand Eve Lom –...

China’s cosmetics startup Yatsen to buy 35-year-old skincare brand Eve Lom – TechCrunch

Document Analysis NLP IA

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objective
redaction

Subjectivity0.36912878787879
it's an affirmation
Affirmation0.60267857142857

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Summary (IA Generated)

In China’s cosmetics world, where foreign brands were historically revered, indigenous startups are increasingly winning over Gen-Z consumers with cheaper, more localized options.

Its flagship brand Perfect Diary consistently ranks among the top makeup brands by online sales next to giants like L’Oreal and Shiseido.

Now the company is plotting another big move as it set out to buy Eve Lom, a 35-year-old skincare brand owned by British private equity firm, Manzanita Capital.

The size of the deal wasn’t disclosed but Bloomberg reported in February that Manzanita was looking to sell Eve Lom for as much as $200 million.

Perfect Diary rose to prominence in China by partnering with influencers who reviewed the brand’s lipsticks, eyeshadow palettes, foundation and other products on Chinese social commerce platforms like Xiaohongshu.

5 billion yuan ($540 million) in 2019 from 2018, thanks to an effective e-commerce strategy.

Through the Eve Lom marriage, the company hopes to “enrich our global brand-building capabilities and product offerings,” said Jinfeng Huang, founder and CEO of Yatsen in the announcement.

Yatsen has already embarked on international expansion, landing in Southeast Asia first where it is selling on e-commerce sites like Shopee.

It said in the prospectus that it plans on “selectively cooperating with local partners to accelerate our international expansion and localize our product offerings.


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