L Catterton has made a “significant” investment in ETVOS, a Japanese cosmetic brand. No financial terms were disclosed.
TOKYO and GREENWICH, Conn., April 1, 2020 – ETVOS Co., Ltd. (the “Company” or “ETVOS”), one of Japan’s leading natural cosmetics brands, announced today a significant investment from the Asia fund of L Catterton, the largest and most global consumer-focused private equity firm. L Catterton, which has a strategic relationship with LVMH and Groupe Arnault, will partner with the existing management team to bolster the Company’s growth through strategic initiatives including expanding store-footprint and enhancing the customer experience. This is L Catterton’s second investment in Japan and its first investment in a Japanese cosmetics brand.
Founded 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 several stores with in-store beauty advisors across four major Japanese cities, as well as offering its products through multi-branded stores and online channels. With L Catterton’s support, ETVOS plans to accelerate the Company’s growth both in Japan and overseas, with a focus on the Asian market.
“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.”
Following the completion of this investment, Norbert Leuret, President of LVMH Japan K.K., and Masatoshi Kuroda, previously Special Advisor to Chanel G.K. will join ETVOS as non-executive Directors to further enhance the board composition.
L Catterton Asia opened its Tokyo office in November 2018, and has made a strategic investment in OWNDAYS, an innovative Japanese eyewear company that delivers rapid service, high-quality prescription glasses in own-brand styles. L Catterton actively invests in cosmetics brands globally, including, ELEMIS, Bliss, Intercos, MARUBI, COVER FX, and The Honest Company.
ETVOS was founded by Hifumi Ogawa in 2007. The Company is headquartered in Osaka with a satellite office in Tokyo. Products are mainly sold through its six direct stores, 435 nationwide multi-branded shops as well as its online direct store, etvos.com.
Under Ms. Ogawa’s leadership the Company has achieved significant growth and has solidified its position as one of the leaders in the mineral-based makeup and ceramide-based skincare category in Japan. ETVOS reached this status through the help of its in-house R&D department, which enables the Company to develop differentiated formulations that cater towards customers’ needs. The Company prides itself in the way it sources its ingredients, using strict guidelines to confirm its products do not contain harmful chemical ingredients.
About L Catterton
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. For more information about L Catterton, please visit www.lcatterton.com.