Last November, Yatsen, the Chinese parent company of the Little Ondine and Perfect Diary brands, pulled off two major coups.

The four-year-old business raised a very bullish US$617 million through an IPO (initial public offering) on the New York Stock Exchange. A success that came hard on the heels of the acquisition of Galenic, the luxury skincare brand from Pierre Fabre, the maker of Eau Thermale Avène skincare and Klorane haircare.

With a current market capitalisation of US$11 billion, Yatsen’s Perfect Diary was the top-selling Chinese beauty brand during Alibaba’s 2020 Singles’ Day shopping festival. In the calendar year 2020, the group serviced 23.5 million direct-to consumer customers.

Shortly after the New York IPO, Yatsen announced that some of the funds raised would be used to make strategic acquisitions.

The company has wasted little time implementing its intentions and has acquired a majority stake in Eve Lom, the British cult prestige skincare brand.

Eve Lom hit the radar of global beauty lovers in 1985 with its world-beating, first-to-market balm cleanser. Stocked by leading beauty retailers such as Mecca in Australia, Space NK in the UK and Sephora, the brand has since extended into day and night moisturisers, masks, serums, essences and more.

Manzanita Capital,  which also owns Space NK, bought Eve Lom close to 20 years ago, expanding it from a niche brand to a global player.  The private equity firm will retain a minority interest in the brand to help springboard its presence in Asia.

According to Jinfeng Huang, founder and CEO of Yatsen, we are delighted to welcome the globally beloved Eve Lom brand into our portfolio. “Eve Lom is one of the best-performing skincare brands, famed for its professional brand heritage and unique formulas that combine luxury with high performance results.”

Eve Lom is available through Mecca and select marketplaces and e-tailers in Australia.

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