Yatsen, China’s first “unicorn” in the beauty market, has entered into a definitive agreement to acquire British prestige skincare brand Eve Lom from private investment firm Manzanita Capital.

Founded in 1985 by facialist Eve Lom, the brand’s eponymous skincare collection is centred on the belief that the secret to radiant skin begins with the perfect cleanse, in particular with their iconic Eve Lom Cleanser.

The brand’s portfolio of luxurious products combines natural ingredients with the latest scientific innovations. Launched as a niche brand, Eve Lom is now sold through a global high-end distribution network with a presence across North America, Europe and notable strength in Asian markets, and with e-commerce channels the brand has built a loyal following worldwide.

"The brand has developed an incredibly loyal following driven by its hero products such as the Eve Lom Cleanser, and demonstrated resilient sales and profitability even during COVID-19. We are excited to welcome Eve Lom’s passionate team with diverse international background in the fashion and beauty industry to enrich our global brand building capabilities and product offerings," said Jinfeng Huang, founder, chairman and CEO of Yatsen.

Manzanita will retain a minority stake in the business and serve as a strategic partner going forward. The acquisition is expected to be completed within the next few weeks.

Last year, Yatsen, the owner of cosmetics brand Perfect Diary, took over French skincare brand Galénic, from the Pierre Fabre group.