Mao Geping Cosmetics Co has entered into a strategic partnership with LVMH-backed private equity firm L Catterton Asia Advisors to support international expansion and the creation of an equity investment fund.WHO: Hangzhou-based Mao Geping Cosmetics Co was founded in 2000 by opera-singer-turned-makeup-artist Mao Geping, one of China’s most famous. While most Chinese beauty brands have focused on offering affordable prices, Mao Geping Cosmetics has maintained its premium positioning by competing with international brands. The brand sells its products at retail outlets across China and via online sales channels, including Alibaba’s Tmall and Taobao platforms, as well as ByteDance’s Douyin and Xiaohongshu. The Mao Geping brand accounts for the majority of group sales and offers more than 400 stock-keeping units across color cosmetics, skincare, and fragrances.L Catterton is a market-leading consumer-focused investment firm, managing approximately $34 billion of equity capital across three multi-product platforms: private equity, credit, and real estate. Founded in 1989, the firm has made over 250 investments in some of the world's most iconic consumer brands. Current beauty portfolio incluces Honest Company, Vitamin Pack, Pibiplast, Etvos, Public Goods, Function of Beauty, CI Flavors, Beauty Industry Group, Bellami Hair, RescueMD, DIBS Beauty, Irene Forte, GlossGenius, Eight Day, Blankme, and Hi!Papa.WHY: The deal underscores private equity’s growing role in backing Chinese consumer brands with international ambitions.