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Published April 6, 2020
Published April 6, 2020

Japanese beauty brand Etvos has received a significant investment from Groupe Arnault and LVMH-backed global private equity firm L Catterton’s Asia fund.

WHO: Etvos is Japan’s leading natural cosmetics brand. Founded by Hifumi Ogawa in Osaka in 2007, Etvos was a pioneer in introducing 100% made-in-Japan mineral-based makeup products. With the philosophy of delivering products that are “truly gentle to the skin,” Etvos has introduced a wide range of natural skincare, makeup, and haircare products, including mineral-based makeup that does not require a post-application cleansing, as well as ceramide-based skincare products, whose efficacy is backed by research. Etvos directly operates 6 stores with in-store beauty advisors across four major Japanese cities, as well as 435 multi-branded stores and online channels.

With approximately $20 billion of equity capital across seven fund strategies in 17 offices globally, L Catterton is the largest consumer-focused private equity firm in the world. L Catterton’s team of more than 190 investment and operating professionals partners with management teams around the world to implement strategic plans to foster growth, leveraging deep category insight, operational excellence, and a broad thought partnership network. Since 1989, the firm has made over 200 investments in leading consumer brands. L Catterton was formed through the partnership of Catterton, LVMH, and Groupe Arnault. L Catterton actively invests in cosmetics brands globally, including Elemis, Bliss, Intercos, Marubi, Cover FX, and The Honest Company.

WHY: L Catterton fund will partner with Etvos’s existing management to focus on growth, expanding store footprints, and enhancing customer experiences both in Japan and overseas, with a focus on the Asian market.

IN THEIR OWN WORDS: “This investment is a testament to the tremendous efforts and hard work of the Etvos team and we are pleased to partner with L Catterton as we accelerate our growth,” said Hifumi Ogawa, Etvos Chief Executive Officer. “With global resources and a local focus, L Catterton has a deep understanding of the Asian consumer and a strong track record of partnering with leading cosmetics companies. Since the Company’s inception, our corporate philosophy has remained consistent and as we enter this next phase of growth it was important that we find a partner who is aligned with our mission. We look forward to leveraging L Catterton’s unmatched sector expertise and wide network of industry contacts as we expand our retail footprint, enhance the customer experience, and further expand our high-quality product portfolio.”

“As consumers’ preferences continue to shift from conventional cosmetics to natural ingredients, we see a significant opportunity for Etvos to achieve sustainable long-term growth in the natural cosmetics market,” said Taka Shimizu, Managing Director, L Catterton Asia. “Despite heightened uncertainty facing markets globally, we remain confident that the Company, which has already established a unique positioning in the cosmetics market with a strong focus on product excellence, is poised for continued growth and expansion. Working closely with Hifumi and her impressive team, L Catterton is committed to providing world-class operational and strategic support to grow Etvos and solidify the Company as a leader in its category, in Japan and beyond.”


  • L Catterton has made a significant investment in Etvos.
  • Following the completion of the transaction, LVMH Japan President Norbert Leuret and Chanel G.K. former special advisor Masatoshi Kuroda will join Etvos as non-executive directors to enhance the board composition.
  • This is L Catterton’s second investment in Japan and its first investment in a Japanese cosmetics brand.

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