Today, global private equity firm L Catterton announced its acquisition of a majority stake in Stenders, a bath and body care company founded in Latvia in 2001. Stenders, with a presence in 20 countries, is renowned for its premium products, deeply rooted in Latvia’s century-old bath culture. This acquisition is expected to drive Stenders’ international expansion into key regions such as Asia, Europe, the Middle East, and the U.S.
It is reported that in 2007, Mr. Yang Gang and Mr. Zhao Yang introduced Stenders into the Chinese market as agents, and in 2018, they carried out a reverse acquisition of the brand. Following L Catterton’s majority stake acquisition, Mr. Yang Gang and Mr. Zhao Yang will continue to hold significant shares in the brand.
Scott Chen, managing partner of L Catterton’s Asia fund, emphasized the growing consumer trend toward premium bath and body care products. He noted that Stenders has successfully capitalized on this trend by offering over 400 products, all made in Latvia, with a focus on sustainability and functionality.
While the financial terms of the transaction were not disclosed, Stenders has experienced consistent revenue growth, averaging 20% annually over the past four years. Its sales network includes over 300 stores worldwide and e-commerce platforms such as Tmall, JD.com, and Douyin. Over the past four years, Stenders has also maintained a roughly 20% annual growth in sales within China.
Kristine Grapmane, Stenders’ Chief Operating Officer, expressed great enthusiasm for the partnership, citing L Catterton’s expertise in creating value for its portfolio companies. Grapmane highlighted that the collaboration will help Stenders enhance store productivity, expand its e-commerce business, optimize production, and attract top talent as the company enters its next phase of development.
