This week, the beauty industry has seen these noteworthy events:

• The parent company of a beauty brand with a 30 billion yuan valuation officially listed on the Hong Kong Stock Exchange

• After three changes of ownership, this century-old brand is going for an IPO

• L'Oréal invests in another medical beauty enterprise

• A baby and child cosmetic company with state-owned capital backing has gone bankrupt

• Making money while selling at a "loss"? What does this giant aim for?

• Yixian E-commerce will give birth to the first skincare brand with a 20 billion yuan valuation

IPO

The parent company of a beauty brand with a 30 billion yuan valuation officially listed on the Hong Kong Stock Exchange

On September 1st, He Xun was listed on the Hong Kong Stock Exchange, with a market value of about 205 billion Hong Kong dollars, becoming the largest fashion brand IPO on the Hong Kong stock market in 2026. The prospectus shows that He Xun's net revenue reached 418.47 billion US dollars (about 28.1258 billion yuan) in 2025, making it the largest online fashion shopping website globally.

An easily overlooked detail is that the proportion of non-clothing revenue, including beauty products, in He Xun is continuously rising, from 31.2% in 2023 to 36.2% in 2025, and reached 38.6% in the first quarter of 2026.

As an independent beauty brand under the Shein group, SHEGLAM has been included in WWD's "2025 Global Beauty 100," ranking alongside leading companies such as Purleya and Shanghai Beauty, with annual sales approaching 3 billion yuan. The brand's product range covers over 1500+ SKUs, including lip makeup, eye makeup, foundation makeup, and beauty tools, with 80% of the products priced between 1 to 10 US dollars. Online, SHEGLAM has established an independent official website and joined Amazon; offline, it has entered retail terminals such as Germany's DM, the UK's Boots, Australia's Kmart, and Target.

Shein operates SHEGLAM as an independent brand rather than a category label on a platform. With a scale of 30 billion yuan, in the context of Chinese beauty brands going global, it has become an entity that cannot be ignored. In the future, whether Shein can replicate the miracle of clothing in the beauty track is worth looking forward to.

Three times changed hands, this century-old brand is going to IPO

On September 1st, Wella Weina Company officially submitted an IPO application to the U.S. Securities and Exchange Commission, planning to list on the New York Stock Exchange.

The history of Wella dates back to 1880 in Germany. In 2003, Procter & Gamble acquired it for about 5.7 billion US dollars; in 2015, Coty acquired 43 brands including Wella for 12.5 billion US dollars; in 2020, KKR acquired 60% of the Wella business for 4.3 billion US dollars, making it operate independently again; then it acquired twice more, until December 2025, KKR acquired the remaining 25.8% stake held by Coty for 750 million US dollars, completing full control. In twenty years, Wella changed hands three times, and its capital path can be said to be a microcosm of the history of beauty industry mergers and acquisitions. Now, under the leadership of private equity giant KKR, it has finally stepped into the spotlight of the public market.

The prospectus shows that in the fiscal year 2026, Wella's net income reached 29.39 billion US dollars, a year-on-year increase of 9.2%, and net profit turned from a loss of 8.76 million US dollars in the previous fiscal year to a profit of 62.35 million US dollars. The core brand Wella Professionals has been ranked first in the global salon hair coloring brand for six consecutive years; the nail polish brand OPI is also ranked first in the global high-end retail nail polish category. The company serves over 250,000 salons, covering more than 100 countries and regions.

From a German company to the Procter & Gamble system, from the Coty system to KKR's operation, Wella has finally reached the spotlight of the IPO. Whether KKR's calculation will come true ultimately depends on how the market prices this "world's largest pure hair and nail company."

Brand

L'Oréal has invested in another medical beauty company again.

Recently, L'Oréal's subsidiary Meizifang, which holds a 50% stake in the Kehui Chuangmei Future Fund, has invested in Shanghai Moya Biotechnology Co., Ltd., a regenerative medical beauty enterprise, with a 3.52% stake, contributing 330,200 yuan. This is the third investment of the fund since its establishment in 2025, following investments in the high-end domestic skincare brand Lin Qingxuan and the dermatological external preparation enterprise Zhiyuan Pharmaceutical Co., Ltd., with a clear "makeup-pharmaceutical-equipment" logic.

The founder of Moya Biotechnology, Lin Guangming, has been deeply involved in orthopedic materials in international companies such as Johnson & Johnson and Stryker for nearly 20 years. In 2025, the aphranel® Optimal™ CC needle under his company was officially granted a Class III medical device registration certificate by the National Medical Products Administration, becoming the first facial CaHA filler approved in China. In the first year of launch, sales exceeded 100,000 units, with revenue nearing 200 million yuan. In the regenerative medical beauty market, which has reached a scale of 180 billion yuan in 2026, CaHA is positioning itself as a "bone-like bionic reshaping," becoming the third pole after "youthful filler" and "teenager filler."

Currently, the domestic CaHA market presents a dual strongman格局 with "domestic first" versus "imported first," with Optimal being the only domestic certified enterprise, taking advantage of the first-mover advantage of the EU certification, and occupying a favorable position in the wave of domestic substitution.

From investing in global injection giant Galderma to investing in domestic medical beauty chain Yan Shu, to acquiring the British professional skincare brand Medik8, L'Oréal is accelerating its integration into the medical beauty industry chain with a combination of "capital + product + scenario."

A baby and child skincare company with state-owned capital backing has gone bankrupt

Recently, a notice from the Xinyi People's Court has pushed Jiangsu Yubowu Biotechnology Co., Ltd. into bankruptcy liquidation procedures.

This company, established in March 2019, had claimed to be "the first professional and comprehensive baby and adult skincare product manufacturer in the northern region of Jiangsu." It owns baby brands such as "Youbeijia," adult skincare brands such as "Sujianyan" and "Heluona," and among its shareholders are Jiujiu Hong, controlled by the controlling shareholder Zhou Pan, and Zhichuang Commercial Management Co., Ltd., a wholly-owned subsidiary of the Neway Economic and Technological Development Zone Industrial Investment and Development Group of the state-owned enterprise.

With state-owned capital backing, a 300 million yuan investment, and a production capacity plan that could achieve a yearly sales revenue of 160 million yuan after production, Jiangsu Yubowu seemed to have a solid foundation. However, the halo did not turn into a moat. In March 2026, Jiangsu Yubowu and Zhou Pan were subject to consumption restrictions by the court due to failure to fulfill a purchase and sale contract dispute. More than ten products of its baby brand "Youbeijia" were listed as "abnormal" due to failure to submit the 2025 annual report, the brand's official public account stopped updating, the official Tmall store disappeared, and the operator of the Douyin flagship store has also lost contact.

From being full of confidence to leaving in a黯淡 manner, Jiangsu Yubowu only took seven years. In the highly competitive consumer goods track, state-owned capital backing and regional titles have never been a shield, and product power and business rhythm are the real trump cards.

Materials

Can you make money by selling at a "loss"? What does this giant want?

On September 1st, global flavor and fragrance giant Givaudan announced that it would sell its terpene raw material business entity AmeriTerpenes LLC to German listed private equity firm Mutares SE & Co. KGaA. The transaction agreement and delivery were completed on the same day, the specific amount was not disclosed, and Givaudan stated that this would result in tens of millions of euros in non-cash losses.

Looking back to 2016, Givaudan acquired the predecessor of AmeriTerpenes, Pinova Holdings, for $417 million (approximately 28 billion RMB), with the intention of consolidating its raw material supply map. Ten years have passed, and reality has not been as full as expected. Terpene raw materials are more biased towards commodity attributes, with fierce market competition and large price fluctuations. In 2025, the business segment achieved only low single-digit growth, although it did not incur losses, it was far from meeting Givaudan's assessment standards for high-value-added businesses.

While shedding inefficient assets, Givaudan just announced the acquisition of French high-end natural flavor raw material company Floral Concept a month ago. The combination of addition and subtraction makes the strategic intention clear. However, AmeriTerpenes, after the sale, will still maintain a long-term cooperative relationship with Givaudan to ensure a stable supply of terpene raw materials.

Givaudan's seemingly unprofitable deal is actually a precise redefinition of assets. After all, in the flavor and fragrance game, the winner is never the one with the biggest spread, but the one who knows best which card to play.

Financial Report

Yixian E-commerce, to give birth to the first 20 billion-level skincare brand

On September 2nd, Yixian E-commerce released its 2026 second quarter performance report: During the period, revenue reached 1.14 billion RMB, up 5.1% year-on-year, maintaining positive growth for seven consecutive quarters. The cumulative revenue for the first half of the year reached 2.163 billion RMB, up 12.65% year-on-year. If the current growth trend continues in the second half of the year, its annual revenue is expected to return to the scale of 5 billion RMB.

However, in the first half of the year, its net profit attributable to shareholders was -151 million RMB, down 559.84% year-on-year. The sales and marketing cost ratio for the second quarter rose from 66.5% in the same period last year to 70.7%.

The transformation of the business structure is more critical. The revenue of the skincare business in the second quarter increased by 40.4% to 816 million RMB, accounting for 71.5% of the total revenue, while the cosmetic business declined by 35.8%. The three skincare brands have become the growth engine: According to third-party platform data, the GMV of French Koralie in the first half of the year reached 1.045 billion RMB, with the prospect of exceeding 20 billion RMB for the whole year; the GMV of Dafu reached 711 million RMB, up 85% year-on-year; the GMV of Yiflong reached 162 million RMB, up 25.8% year-on-year.

As Huang Jinfeng, the founder, chairman, and CEO of Yixian E-commerce, said, Yixian E-commerce is still in the critical period of strategic transformation. With the focus of market attention shifting from growth narratives to operational efficiency and sustainable profitability, whether the company can successfully navigate through the deep waters of transformation will ultimately determine its ability to achieve the value transformation from a phenomenon-level brand to an enduring enterprise.

This article explores Aromatherapy, Scent, Perfume, Essential Oil, Fireless Aromatherapy, Aromatherapy Candle, Vine Incense Stick, Home Scent, Natural Aromatherapy, Diffuser, sharing the latest industry insights and offering practical references for enthusiasts.

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