Yesterday evening (May 12), Eternal Holdings Limited (“Eternal Holdings”), known as “China’s first publicly listed perfume company,” issued a voluntary announcement on its investment in Aromemanpo.
According to the announcement, on April 13, 2026, Eternal Holdings, through its wholly owned subsidiary Eternal (China) International Trading Co., Ltd., entered into a capital increase subscription agreement and a shareholders’ agreement. The company invested RMB97.5 million to subscribe for RMB795,000 in newly increased registered capital of Hangzhou Baizhou Yumeng Biotechnology Co., Ltd. (“Baizhou Yumeng”), obtaining a 15% equity interest in Baizhou Yumeng upon completion of the capital increase.
The announcement also disclosed that, of the total investment, RMB795,000 would be used to pay up Baizhou Yumeng’s registered capital, while the remaining RMB96.705 million would be included in Baizhou Yumeng’s capital reserve.
It is worth noting that Baizhou Yumeng is the parent company of domestic Chinese brand Aromemanpo. This strategic investment clearly signals Eternal Holdings’ intention to pursue business transformation and explore new growth paths.
Public information shows that Eternal Holdings’ core business is brand agency, including product distribution and customized market entry and expansion plans for brands. The company has a long history in brand operation, having entered the beauty brand management sector as early as 1987. Its business covers categories including fragrance, makeup and skincare.
According to its prospectus, as of September 30, 2025, Eternal Holdings managed a total of 74 external brands, including Hermès and Van Cleef & Arpels, spanning different price points and functions to meet diverse consumer needs. In addition, the company launched its own brand Santa Monica in 1999, with businesses covering eyewear and entry-level luxury fragrances.
Eternal Holdings is well known in the industry mainly because of its leading position in fragrance brand management.
Data shows that from fiscal year 2023 to fiscal year 2025, Eternal Holdings recorded revenue of RMB1.699 billion, RMB1.864 billion and RMB2.083 billion, respectively. Fragrance was the company’s main revenue contributor, generating RMB1.504 billion, RMB1.523 billion and RMB1.687 billion over the same period, accounting for more than 80% of total revenue in each of the three years.
According to Frost & Sullivan data cited in the company’s prospectus, based on 2023 retail sales, Eternal Holdings was China’s third-largest fragrance group and also the largest fragrance brand management company in China.
In July 2024, Eternal Holdings submitted an application for listing on the Main Board of the Hong Kong Stock Exchange. In June 2025, it successfully listed in Hong Kong, becoming “China’s first publicly listed perfume company.”
In fact, Eternal Holdings’ move into external brand investment was not a sudden decision, but had already been foreshadowed.
In its prospectus, the company clearly stated that the IPO proceeds would be used for four major purposes: first, to further develop its own brands and acquire or invest in external brands; second, to develop and expand direct sales channels; third, to accelerate digital transformation; and fourth, to enhance corporate visibility and reputation.
So why Aromemanpo?
In its latest announcement, Eternal Holdings stated that consumer demand for natural healing, professional functional skincare and personal care products continues to rise, while the size of related markets is also expanding. With its clear differentiated positioning, Aromemanpo has outstanding growth potential in its niche segment. At the same time, the brand has built solid core competitiveness through its distinctive brand aesthetics, differentiated brand expression, professional R&D capabilities, and precise understanding of user needs and market trends.
Clearly, Eternal Holdings also hopes to use this investment to further increase its exposure to the high-growth functional skincare and personal care sectors, thereby broadening its business layout.
If Eternal Holdings obtains a 15% equity stake, it will become Baizhou Yumeng’s third-largest shareholder, after the company’s founder Jiang Teng and Cathay Consumer Co-Creation Fund. Currently, Jiang Teng holds 61% of the company, while Cathay Consumer Co-Creation Fund holds 19%.
Before Eternal Holdings’ latest investment, Aromemanpo had already become a highly watched emerging brand in China’s domestic beauty market. Founded by Jiang Teng, the brand originated from a small aromatherapy shop by the Grand Canal in Hangzhou. Centered on the concept of “aromatherapy microbiome skincare,” it combines European aromatherapy systems with Eastern cultural aesthetics.
Aromemanpo’s products focus on aromatic healing, with particular emphasis on the development of tuberose as a key ingredient. The brand has also created its own skincare triangle system of “essential oil healing + bio-fermentation + high-performance ingredients.”
Currently, Aromemanpo’s product lines include essence water, facial oil, cleansing oil balm, essence lotion, facial cleanser, cream and facial masks. On its Tmall flagship store, products are priced between RMB139 and RMB969. CHAILEEDO found that the brand’s best-selling product on Tmall is its RMB189 facial cleanser, with more than 100,000 units sold.
In terms of channel development, Aromemanpo has opened official flagship stores across major e-commerce platforms. At present, Aromemanpo’s Douyin flagship store has 499,000 followers, its Tmall flagship store has 364,000 followers, its Xiaohongshu flagship store has 79,000 followers, and its JD flagship store has 23,000 followers. Offline, the brand opened its first brick-and-mortar flagship store, “Fudi,” in Shanghai in December 2025.
It is worth mentioning that despite the noticeable cooling of financing activity in the beauty sector in recent years, Aromemanpo has continued to attract capital.
In 2023, Aromemanpo received angel-round investment from Cathay Consumer Co-Creation Fund, a fund jointly established by Cathay Capital, Kering, L’Oréal Group and Pernod Ricard. Aromemanpo was the first skincare brand invested in by the fund.
In 2025, Aromemanpo completed successive Pre-A and Series A financing rounds totaling tens of millions of yuan. The Pre-A round was backed by Neixiang Fund and Cathay Capital, while the Series A round was led by Challenger Capital.
Why has the brand attracted capital attention?
First, Aromemanpo has delivered solid market performance. According to public reports, from 2022 to 2025, Aromemanpo’s overall GMV exceeded RMB600 million, while its monthly self-operated livestreaming sales on Douyin surpassed RMB10 million. The brand’s star product, “Da Jinzhuan,” also achieved RMB12 million in sales within six months of launch.
In addition, products such as its facial cleanser, facial oil and eye oil have also become representative items for the brand. Data shows that during Double 11 in 2025, sales of Aromemanpo’s core eye oil product surged by more than 500% year on year, topping its category ranking.
Second, the segment has strong growth potential. The aromatherapy-based functional skincare sector that Aromemanpo focuses on also falls under the broader category of emotional skincare. According to CHAILEEDO, China’s emotional economy market is expected to exceed RMB5 trillion by 2030, while emotional beauty, as one of its core subsegments, is also expected to see explosive growth, with its market size projected to reach hundreds of billions of yuan by 2030.
Third, Aromemanpo is currently expanding its omnichannel footprint with offline channels as a strategic focus. In March 2025, the brand launched its first slow pop-up concept space, “Tuberose Corridor,” at Tianmuli in Hangzhou. In August, it created the “Cloud-Weaving Space” pop-up store at Nanjing MixC World. In September, it launched the limited-time “Huidang Space” pop-up at the outdoor courtyard of Hangzhou Center. Soon after, in December 2025, the brand officially opened its first national flagship store on Donghu Road in Shanghai.
As is widely known, offline channels remain crucial for consumers to experience and understand fragrances, and scent is also one of Aromemanpo’s most important brand assets. Moving offline can help deepen consumers’ understanding of the brand. For Aromemanpo, bringing in Eternal Holdings as an investor and partner could also allow it to leverage Eternal’s operational strengths to further advance its omnichannel expansion.
