On the evening of April 10, Ruoyuchen issued an announcement stating that it would acquire the high-end skincare brand Erno Laszlo. Upon completion of the transaction, Ruoyuchen will obtain 100% equity of the brand. This also means that another international high-end brand has been brought under the ownership of a Chinese company.
CHAILEEDO has found that in recent years, the trend of Chinese listed beauty companies acquiring overseas beauty brands has become increasingly evident—especially in the high-end segment. While building out their brand portfolios, these companies are also beginning to expand into global markets.
According to the announcement, Ruoyuchen’s wholly owned subsidiary, Ruoyuchen International Co., Ltd., will acquire 100% equity of Bespoke Holding Corporation, Erno Laszlo Group Ltd, and their affiliated companies (collectively referred to as the “target companies”) under Bespoke Global LP for USD 43.8221 million (approximately RMB 299 million based on the exchange rate on the board meeting date). Both parties have formally signed a Share Purchase Agreement. Upon completion, Ruoyuchen will become the controlling shareholder of the target companies, which will be consolidated into its financial statements.
The announcement states that the target companies are primarily engaged in the R&D and sales of Erno Laszlo skincare products. Among them, Bespoke Holding Corporation serves as a holding platform with no actual operations; its wholly owned subsidiary, Erno Laszlo, Inc., is the U.S. operating entity, responsible for sales in North America and distribution outside mainland China, and holds most of the intellectual property, including trademarks, trade names, and formulations. Erno Laszlo Group Ltd is also a holding platform with no actual operations; its wholly owned subsidiary, Oulunasi Trading (Shanghai) Co., Ltd., serves as the China operating entity, holding a small portion of intellectual property, inventory, and fixed assets.
In other words, after the transaction is completed, Erno Laszlo’s global business will be consolidated into Ruoyuchen’s financial statements, and the latter will officially take control of this century-old high-end skincare brand.
According to the announcement, as of December 31, 2025, the target companies had consolidated net assets of USD 1.5253 million. In 2025, they generated revenue of USD 59.9616 million, with a net loss of USD 3.326 million and net cash flow from operating activities of USD 2.4034 million. Overall, the business is in a phase of narrowing losses and recovering cash flow, with significant potential for integration and profitability improvement.
Public information shows that Erno Laszlo was founded in 1927 by Hungarian dermatologist Dr. Erno Laszlo. The brand pioneered concepts such as pH balance, double cleansing, and time- and zone-specific skincare. In 1939, it opened a membership-based skincare institute on Fifth Avenue in Manhattan, New York. With its customized skincare philosophy, the brand quickly gained favor among Western elites and Hollywood stars. Notably, it was also the only skincare brand endorsed by Marilyn Monroe during her lifetime.
In 2014, Erno Laszlo officially entered the Chinese market and opened its first counter at Shanghai Jiuguang Department Store. Since 2018, the brand has experienced rapid growth in China, achieving more than 15-fold growth. By 2020, China accounted for 50% of its global sales, becoming its fastest-growing region in Asia.
In terms of products, Erno Laszlo has developed several iconic items, including the Hydra-Therapy Skin Vitality Treatment (commonly known as the “White Marble Mask”), the “Tofu Cream,” and hydrogel eye masks. Its flagship White Marble Mask adopts a professional-grade, mix-at-home soft mask format, earning it the nickname “the Hermès of face masks” and even sparking the trend of “clinic-grade skincare at home.” It has also consistently ranked first in high-end mask sales on Tmall Global, making it a key product for building brand awareness in China.
In terms of channels, Erno Laszlo has long established a presence on major e-commerce platforms such as Tmall and Douyin. The brand ranked among the Top 20 in Douyin’s beauty and skincare category in both 2022 and 2023, and in 2020 it was awarded the No.1 fastest-growing high-end brand on Tmall. Offline, it has successfully entered highly selective premium channels, including top-tier department stores in major Chinese cities (such as Shanghai Jiuguang and Beijing SKP), as well as curated high-end beauty retailers like Sephora and Yanli.
According to a 2023 survey by Boston Consulting Group, Erno Laszlo achieved a Net Promoter Score (NPS) of 59 in China, ranking third. Its White Marble Mask and eye masks ranked first in NPS in both the Chinese and U.S. markets.
Overall, Erno Laszlo possesses three rare attributes: doctor-founded origins, a century-long heritage, and a strong focus on skincare—making it relatively scarce within the industry. At the same time, its hero products such as the White Marble Mask, Tofu Cream, and “Protein Water” have built stable repurchase rates. In the high-end repair and precision skincare segments, the brand enjoys a loyal customer base and strong word-of-mouth barriers, which can effectively complement Ruoyuchen’s existing business.
Public information shows that Ruoyuchen was founded in 2011 and listed on the Shenzhen Stock Exchange in 2020. It is a well-known beauty e-commerce service provider. According to its latest financial report, the company achieved revenue of RMB 3.432 billion in 2025, up 94.35% year-on-year, with net profit attributable to shareholders reaching RMB 194 million, up 84.03%, demonstrating strong performance.
In recent years, however, Ruoyuchen has been transitioning from an e-commerce service provider to a consumer brand group with proprietary brand assets. Its agency business spans four major sectors—healthcare, beauty, maternal & baby, and home care—and includes well-known domestic and international brands such as Aveeno, Bayer Kang Wang, DHC, Mystic, Procter & Gamble, and Johnson & Johnson.
In addition to its agency business, Ruoyuchen also owns several in-house brands, including Zhanjia (high-end home fragrance and cleaning) and Feicui (scientific anti-aging supplements). In 2025, revenue from its proprietary brands reached RMB 1.813 billion, up 261.94% year-on-year, accounting for 52.83% of total revenue—indicating that its in-house brand business has become the core growth driver.
Therefore, the acquisition of Erno Laszlo will fill Ruoyuchen’s gap in the high-end skincare segment, optimize its brand portfolio and customer structure, and help enhance overall profitability and risk resilience.
It is also worth noting that in September last year, Ruoyuchen officially launched its Hong Kong IPO process, aiming for an “A+H” dual listing. If successful, this will facilitate further overseas acquisitions and provide more convenient cross-border financing channels for its global operations.
In fact, Ruoyuchen’s acquisition of Erno Laszlo is not an isolated case, but rather a reflection of a broader trend of Chinese companies acquiring international high-end beauty brands. In recent years, domestic beauty groups such as Syoung Group and Yatsen Holding have continued to step up overseas acquisitions, signaling that the industry is entering a new phase of “buying globally.”
For example, Syoung Group has accelerated its premiumization strategy through a series of overseas acquisitions. In 2022, it acquired the French luxury skincare brand EviDenS de Beauté for over RMB 300 million. In 2024, it further acquired the French professional repair brand Pier Augé and the U.S. high-end functional brand RéVive. To date, Syoung Group has built a portfolio of three premium brands, initially forming a “new global luxury beauty group.”
Similarly, Yatsen Holding has, since going public, acquired two international brands—French high-end skincare brand Galénic and British luxury skincare brand Eve Lom. Notably, in January 2026, global private equity firm L Catterton reached a strategic partnership with Mao Geping Group. The two parties will collaborate on global expansion, acquisitions, strategic investments, capital structure optimization, talent acquisition, and governance—indicating that Mao Geping may also pursue overseas M&A opportunities in the future.
It is clear that Chinese companies are now forming a “buy global” trend, in stark contrast to the earlier wave when international beauty giants actively acquired Chinese brands. Moreover, the acquisition targets are mostly mid-to-high-end or luxury skincare brands from Europe and the U.S., characterized by strong heritage, technological expertise, and established consumer bases.
Behind this trend lies the strong growth potential of the high-end beauty market. According to CIC data, the overall market size reached RMB 461.9 billion in 2024, with the high-end skincare segment exceeding RMB 114.4 billion, officially entering the hundred-billion scale.
However, from a competitive landscape perspective, the high-end skincare market remains dominated by international brands. In the 2024 Top 15 high-end skincare brands in China, almost all were international brands, with the top three alone accounting for 28.9% of market share.
As is well known, leading international brands such as Lancôme, Guerlain, and Shiseido have accumulated decades or even over a century of expertise, building comprehensive moats in R&D, brand storytelling, premium channels, and consumer trust. Therefore, for Chinese companies seeking to break into the high-end beauty segment, acquisitions represent one of the fastest and most efficient pathways.
Industry insiders believe that the acceleration of overseas brand acquisitions by Chinese beauty companies not only marks a new stage in the globalization of China’s beauty industry, but also reflects a strategic necessity: as the domestic market enters a phase of intense competition, acquiring globally influential brands with cultural heritage has become a key way for Chinese companies to enhance international competitiveness and break through growth ceilings.
