L Catterton has formed a strategic partnership with Chinese beauty group Mao Geping, marking a further push by the private equity firm into the premium beauty segment and international expansion of C-beauty brands, says WWD.

According to a filing by Mao Geping on the Hong Kong Stock Exchange, the agreement was signed with L Catterton’s Asia business and is designed to support the company’s overseas growth through high-end retail channels. The partnership will also establish a joint equity investment fund to pursue acquisitions and strategic investments across the global premium beauty market.

In addition to investment activity, the two sides said they will work together on capital structure optimisation, corporate governance, and talent recruitment, as Mao Geping seeks to scale its operations beyond China.

Mao Geping, founded by opera singer-turned-makeup artist Mao Geping, listed in Hong Kong just over a year ago. The company reported strong momentum in its latest interim results, with revenue rising 31.3% year-on-year to RMB 2.58bn, equivalent to about $360m, in the first half of 2025. Net profit increased 36.1% to RMB 670.4m, or roughly $94m.

The Mao Geping brand accounts for the majority of group sales and offers more than 400 stock keeping units across colour cosmetics, skincare, and fragrances. Two foundation products each generated more than RMB 200m, or about $28.5m, in sales during the period.

Shares in Mao Geping rose around 2% following news of the partnership. Founder Mao Geping and his wife, Wang Liqun, jointly hold about 45% of the company. L Catterton has previously invested in Chinese beauty brands including Hi!Papa and Blankme.

The deal underscores private equity’s growing role in backing Chinese consumer brands with international ambitions, as firms seek to replicate the global success of established Asian beauty players.

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