Mao Geping and L Catterton ink deal for global retail expansion
This will enable focus on global retail channels rather than direct capital infusion.
CHINA – LVMH-backed private equity firm L Catterton has entered a strategic partnership with premium Chinese beauty brand Mao Geping Cosmetics to boost its international expansion into prestige markets.
The non-binding agreement promotes collaboration on worldwide market growth, potential buyouts, targeted investments, financial structuring improvements, executive hiring, and enhanced management practices.
L Catterton aims to leverage its global connections to help Mao Geping’s lineup, spearheaded by its core makeup and skincare offerings, enter upscale international outlets and jointly launch a dedicated fund for luxury beauty opportunities.
Company statements describe the alliance as delivering shared strengths, reciprocal gains, and collective progress that serve shareholders’ interests overall.
This setup avoids immediate share purchases, prioritizing complementary expertise for sustained advancement without equity commitments up front.
Established in 2016 by LVMH, Groupe Arnault, and Catterton, the firm oversees about USD 39 billion in assets, with beauty holdings including Kiko Milano, The Honest Company, Nutrafol, Merit, Oddity, and Sugar Cosmetics.
Mao Geping, launched in 2000 by noted makeup artist Mao Geping, has led Hong Kong’s first listed domestic beauty firm since December 2024, posting H1 2025 revenue up 31.3% to roughly $369.4 million and capturing 1.8% of China’s high-end beauty segment by mid-year.
The founder and five directors disclosed plans to offload up to 17.2 million shares, equivalent to 3.51% of total issuance, over six months for personal funds and beauty supply chain ventures, valued at around USD 184.7 million as of recently.
Officials confirm no impact on control or operations, though some local outlets speculated on leadership assurance; shares climbed post-reveal despite a slight founder divestment.
The Deal coincides with Shanghai’s Brand Vision forum, urging stronger branding, communication, tech-driven shifts, R&D, ESG, and U.S.-inspired strategies per a new white paper.
China’s USD 140.7 billion cosmetics market in 2024 drives 12% export growth to RMB 18.7 billion (USD 2.62 billion) in H1 2025, boosting its viral global appeal as multinationals like L’Oréal invest locally amid easing regulations.
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