L Catterton, the LVMH Moët Hennessy Louis Vuitton-backed private equity firm, has signed a strategic cooperation framework with Mao Geping, the Chinese beauty label.
According to a Mao Geping filing on the Hong Kong Stock Exchange, the partnership was formed with L Catterton‘s Asia branch and will support the Chinese beauty group’s expansion overseas in high-end retail channels.
In addition, an equity investment fund will be established by both parties to focus on acquisition and strategic investment efforts in the global high-end beauty sector.
“At the same time, both parties will also cooperate in further capital structure optimization, talent recruitment and governance,” the filing added.
Summarized by the Chinese beauty company as “a win-win situation,” shares of the beauty firm jumped around 2 percent Thursday morning.
Mao, an opera singer-turned-celebrity makeup artist, took his namesake cosmetics company public in Hong Kong a little over a year ago.
Revenue jumped 31.3 percent to 2.58 billion renminbi for the first half of 2025, according to its latest 2025 interim report. Net profit increased 36.1 percent to 670.4 million renminbi.
The Mao Geping brand, which contributed the majority of sales for the group, counts over 400 stock keeping units covering color cosmetics, skin care and fragrances.
Foundation products, including the 320 renminbi, or $45, Luxury Caviar Cushion and the 260 renminbi, or $37, Luminous Light Veiling Pressed Powder, each generated over 200 million renminbi, or $28.5 million, in sales during the period.
Mao and his wife, Wang Liqun, who serves as the company’s vice chairperson, jointly hold a 45 percent stake in the label, both directly and via investment entities.
On Tuesday, Mao, Wang, and four other controlling shareholders, all of whom are Mao and Wang’s family members, unveiled plans to collectively reduce their holdings by no more than 3.5 percent, or around 1.5 billion Hong Kong dollars, or $192.5 million, “due to personal financial needs,” according to the filing.
The proceeds will be used for investments in the supply chain and improving personal living standards, the filing revealed.
L Catterton has previously invested in children’s skin care brand Hi!Papa and foundation brand Blankme in the Chinese market.
