THE WHAT? Chinese cosmetics start up company Yatsen has acquired Eve Lom from Manzanita Capital.
THE DETAILS As part of the buy-out, which is expected to complete in a few weeks, Manzanita will retain a minority stake in the business and act as a strategic partner going forwards.
Jinfeng Huang, Founder, Chairman and CEO of Yatsen said of the acquisition, “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.”
THE WHY? Having launched 35 years ago, the acquisition of Eve Lom by a Chinese start-up highlights the ongoing importance of heritage brands. Manzanita is looking to evolve Eve Lom’s presence in the Asian market via Yatsen’s reach.
Andras Szirtes, Managing Partner of Manzanita, said, “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.”