CITIC Capital has announced the acquisition of Hangzhou UCO Cosmetics, the Chinese e-commerce service provider that operates sites such as Estée Lauder China, L’Occitane and Clarins, amongst others.
Purchased from Qingdao Kingking Applied Chemistry, terms of the deal not disclosed, however, the acquisition by the private equity arm of CITIC Capital was reported to be around $209 million, according to a report by WWD.com.
UCO Cosmetics Founder Arthur Chang stated that the support of CITIC Capital would allow the company to deliver a better digital experience to consumers. Helping clients operate on sites such as Alibaba’s Tmall, UCO Cosmetics achieved gross merchandise volume sales of $970 million last year.
Zhao Hanxi, a Senior Managing Director at CITIC Capital, told WWD.com, “The beauty sector is one of the fastest-growing consumer sectors, with e-commerce being the growth engine for many of the global and local beauty brands in the China market. UCO Cosmetics is known for its deep understanding of digital and e-commerce, innovative and technology-enabled solutions, and dedication in quality service.”