L Catterton, the private equity firm backed by LVMH Moët Hennessy Louis Vuitton, has recently entered into a strategic partnership with Mao Geping, a Chinese beauty label. This collaboration, as outlined in a filing on the Hong Kong Stock Exchange, will focus on supporting Mao Geping’s expansion into high-end retail channels overseas.
As part of the agreement, a new equity investment fund will be established by both parties to facilitate acquisitions and strategic investments within the global high-end beauty sector. Additionally, the partnership will involve efforts to optimize capital structure, recruit top talent, and enhance governance practices within the company.
Described by Mao Geping as a “win-win situation,” the announcement of the partnership led to a 2 percent increase in the beauty firm’s shares on Thursday morning. Mao Geping, known for his transition from opera singer to celebrity makeup artist, took his eponymous cosmetics company public in Hong Kong just over a year ago.
The company reported a significant increase in revenue of 31.3 percent to 2.58 billion renminbi for the first half of 2025, with a net profit growth of 36.1 percent to 670.4 million renminbi. The Mao Geping brand, which offers a range of over 400 products including color cosmetics, skincare, and fragrances, saw strong sales performance from its foundation products such as the Luxury Caviar Cushion and Luminous Light Veiling Pressed Powder.
Mao Geping and his wife, Wang Liqun, who serves as the company’s vice chairperson, collectively hold a 45 percent stake in the brand. Recently, the couple, along with four other controlling shareholders who are family members, announced plans to reduce their holdings by up to 3.5 percent for personal financial reasons, generating around 1.5 billion Hong Kong dollars.
The proceeds from the share reduction will be allocated towards investments in the supply chain and improving personal living standards. L Catterton, known for its investments in the Chinese beauty market including children’s skincare brand Hi!Papa and foundation brand Blankme, continues to expand its presence in the region through strategic partnerships and acquisitions.
