L Catterton – the private equity firm created by LVMH, Groupe Arnault and Catterton – has entered into a strategic partnership with Chinese beauty group Mao Geping.
The pair will cooperate on “global market expansion, acquisitions and strategic investments, further capital structure optimisation, as well as talent recruitment and governance,” read a Mao Geping company statement.
This will include L Catterton leveraging its global network to help the group’s brands expand their reach outside of China through high-end retail channels.
The Chinese beauty group owns namesake make-up and skin care line Mao Geping and Love Keeps.
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A joint investment fund will also see the two companies focus on the global high-end beauty sector.
L Catterton has backed a number of beauty brands, including Kiko Milano, Merit and Dibs Beauty in colour cosmetics.
Plus, Tula, Naomi Watts’ Stripes Beauty and Jessica Alba’s The Honest Company in the skin care and personal care space.\
The deal comes amid growing interest in C-beauty, following in the footsteps of K-beauty’s global success.
China’s cosmetics exports grew to RMB18.7bn in the first half of 2025, according to customs data, up 12% on the same period in 2024.
The top five countries were the US, UK, Indonesia, the Netherlands and Japan.
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