CVC Capital Partners is preparing to launch a sale of FineToday Holdings after shelving the Japanese personal care company’s planned Tokyo listing, as the firm now targets a valuation above $2bn for the business, according to sources cited by Reuters. 

FineToday, which owns mass-market beauty brands including Tsubaki, Fino, Senka, Uno, Ag Deo24, and Kuyura, cancelled its Tokyo Stock Exchange IPO in October due to challenging market conditions. The listing had been expected to value the group at about 169bn yen, well below CVC’s internal expectations. A previous attempt in 2024 had targeted roughly 219bn yen.

Sources said the private equity firm is seeking a price equivalent to 14–15 times EBITDA, and has already attracted interest from global buyout funds and at least one Chinese strategic investor. All parties declined to comment due to confidentiality.

FineToday was formed in 2021 after Shiseido sold its personal care division to CVC for 160bn yen. The company generates almost half its sales overseas, with China and Hong Kong contributing 35.9% of revenue in the first half of 2025. Japan accounted for 44.3%. Revenue reached 107.3bn yen in 2024, with adjusted EBITDA margins improving to 21% from 15.5% a year earlier.

Despite its scale, the business faces geopolitical headwinds. Consumer sentiment in China weakened after Japan discharged treated Fukushima water in 2023, affecting sales of Japanese brands. FineToday warned in its IPO filing that it remains exposed to further geopolitical tension.

A sale would mark one of CVC’s largest potential exits in Japan since the firm intensified its focus on carve-outs and consumer assets. The process is expected to attract strong private equity interest given FineToday’s brand portfolio, margin improvement, and exposure to Asia’s beauty market.

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