Key Takeaways:Proya made its second investment in Flower Knows, acquiring a 12.6% stake from Yang Zifeng.This follows an investment last fall when Proya acquired a 38.5% stake in the C-beauty brand.The deal values the brand at approximately RMB 2.8 billion ($416 million), or about 10x 2025 earnings.Proya’s second investment in Flower Knows increases its stake in the business to 51%WHO: Founded in 2016, Flower Knows is known for its hyperfeminine aesthetic that blends fairytale storytelling, collectible packaging, and anime-inspired visuals, which helped it launch more than 25 themed makeup collections and cultivate a highly engaged fan community. The brand has launched successfully in the US, Japan, South Korea, and Southeast Asia.WHY: Proya stated that its decision to invest in Flower Knows reflects not only its confidence in the growth potential of China’s cosmetics sector but also Flower Knows’ unique appeal to Gen Z consumers and its rapid expansion overseas.IN THEIR OWN WORDS: Yang Zifeng, co-founder and CEO of Flower Knows, stated that the brand’s “girlish aesthetic” resonates universally, attracting young consumers globally who are willing to pay for its designs and products.DETAILS:Proya acquired a 12.6% stake from founder Yang Zifeng for RMB 351 million ($51.6 million), increasing its stake in Flower Knows to 51%.The deal values the brand at approximately RMB 2.8 billion ($416 million), or about 10x 2025 earnings.In September 2025, Proya acquired a 38.5% stake in Flower Knows Cosmetics.  With revenue of RMB 1.