Retail in Asia


L Catterton Asia invests in Japanese beauty care product firm Ci FLAVORS

L Catterton

L Catterton, a global consumer-focused private equity firm, announced on 21st December that its Asia fund has made a strategic investment in Ci FLAVORS which owns Cosme Company, a multi-brand beauty and personal care company in Japan focused on haircare and skincare. The private equity firm will partner with Ci FLAVORS’ management team to bolster the Company’s growth through strategic initiatives such as enhancing new brand development and accelerating international expansion.

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Ci FLAVORS boasts a portfolio of products, particularly in the mid-end segment of the Japanese haircare market, which has been growing faster than other segments. These products are sold widely throughout the country, especially in drugstores, the dominant sales channel for segment.

Building on its success, Ci FLAVORS continues to expand its portfolio of 37 brands while deepening its presence in drugstores. In addition, Ci FLAVORS has ventured abroad into 25 markets around the world, with a focus on China, where it is experiencing steady growth.

“We are excited about the next stage of our growth and believe L Catterton is the right partner for the journey ahead. As the experts in consumer investing, the firm brings in-depth understanding of the global beauty and personal care market. It has a proven track record of creating value and we look forward to leveraging its distinctive sector expertise and extensive network of industry contacts as we further enhance our portfolio, enlarge our international footprint, and enrich customers’ experiences,” said Ci FLAVORS President Yusaku Horiuchi.

L Catterton Asia Principal Ray Yamaguchi added, “We look forward to partnering with Ci FLAVORS and sharing our category insights and operating skills with the Company as it continues to strengthen its performance across sales channels and geographic markets. This investment reinforces Ci FLAVORS’s position as it broadens its product suite, ramps up its global expansion efforts and thoughtfully develops more brands that consumers love.”

“Ci FLAVORS has built a strong business, achieving a leading position in Japan and making inroads overseas. The mid-end segment of the country’s haircare market has robust fundamentals and is expected to continue expanding, driven by consumers who are increasingly seeking innovative products in the space. Led by an experienced senior management team, the Company is poised to capture growth opportunities, and we are excited about its prospects” said L Catterton Asia Partner Taka Shimizu.

As part of the partnership between L Catterton and Ci FLAVORS, LVMH Moët Hennessy Louis Vuitton Japan K.K. President Norbert Leuret will assist Ci FLAVORS as a Senior Advisor following the completion of the transaction.

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L Catterton’s current and past investments in the beauty and personal care space include ETVOS, ELEMIS, bliss, Intercos, Marubi, Cover FX, Function of Beauty, TULA, Sociolla, and MERIT.