Yatsen is acquiring prestige skin care brand Eve Lom from Manzanita Capital.
According to Yatsen, Manzanita will retain a minority stake in the business while serving as a strategic partner.
The acquisition, expected to be completed within the next few weeks, was overseen by Financo.
Jinfeng Huang, founder, chairman and CEO of Yatsen, said: "We are delighted to welcome the globally beloved Eve Lom brand into our brand portfolio. Eve Lom is one of the best performing skin care 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. We are excited to welcome Eve Lom's passionate team with diverse international background in the fashion and beauty industry to enrich our global brand building capabilities and product offerings."
Andras Szirtes, managing partner of Manzanita, said: "Eve Lom has been part of the Manzanita family of brands for nearly 20 years and together we have been on an incredible journey of growth. We are proud to have watched Eve Lom's development from a niche brand into a global business with a presence across North America, Europe and Asia. We are very excited about the opportunity to partner with Yatsen. We are convinced that Yatsen's strong roots with Asian consumers, exceptional e-commerce capabilities and proven track record of innovation will further accelerate Eve Lom's growth."