Retail in Asia

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L Catterton invests in Japanese cosmetic brand ETVOS


ETVOS Co., Ltd., one of Japan’s leading natural cosmetics brands, announced an investment from the Asia fund of L Catterton, the largest and most global consumer-focused private equity firm.

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L Catterton, which has a strategic relationship with LVMH and Groupe Arnault, will partner with the existing management team to bolster the company’s growth through strategic initiatives including expanding store-footprint and enhancing the customer experience. This is L Catterton’s second investment in Japan and its first investment in a Japanese cosmetics brand.

Founded in Osaka in 2007, ETVOS was a pioneer in introducing 100% made-in-Japan mineral-based makeup products. ETVOS directly operates several stores with in-store beauty advisors across four major Japanese cities, as well as offering its products through multi-branded stores and online channels. With L Catterton’s support, ETVOS plans to accelerate the company’s growth both in Japan and overseas, with a focus on the Asian market.

“This investment is a testament to the tremendous efforts and hard work of the ETVOS team and we are pleased to partner with L Catterton as we accelerate our growth,” said Hifumi Ogawa, ETVOS Chief Executive Officer.

“With global resources and a local focus, L Catterton has a deep understanding of the Asian consumer and a strong track record of partnering with leading cosmetics companies. Since the company’s inception, our corporate philosophy has remained consistent and as we enter this next phase of growth it was important that we find a partner who is aligned with our mission. We look forward to leveraging L Catterton’s unmatched sector expertise and wide network of industry contacts as we expand our retail footprint, enhance the customer experience, and further expand our high-quality product portfolio,” continued Hifumi Ogawa.

“As consumers’ preferences continue to shift from conventional cosmetics to natural ingredients, we see a significant opportunity for ETVOS to achieve sustainable long-term growth in the natural cosmetics market,” said Taka Shimizu, Managing Director, L Catterton Asia.

“Despite heightened uncertainty facing markets globally, we remain confident that the company, which has already established a unique positioning in the cosmetics market with a strong focus on product excellence, is poised for continued growth and expansion. Working closely with Hifumi and her impressive team, L Catterton is committed to providing world-class operational and strategic support to grow ETVOS and solidify the company as a leader in its category, in Japan and beyond,” continued Taka Shimizu.

Following the completion of this investment, Norbert Leuret, President of LVMH Japan K.K., and Masatoshi Kuroda, previously Special Advisor to Chanel G.K. will join ETVOS as non-executive Directors to further enhance the board composition.

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L Catterton Asia opened its Tokyo office in November 2018, and has made a strategic investment in OWNDAYS, an innovative Japanese eyewear company that delivers rapid service, high-quality prescription glasses in own-brand styles. L Catterton actively invests in cosmetics brands globally, including, ELEMIS, Bliss, Intercos, MARUBI, COVER FX, and The Honest Company.