KKR buys Japanese beauty platform Ci FLAVORS from L Catterton
What's the deal? KKR has agreed to acquire Japanese beauty and lifestyle platform Ci FLAVORSDealroom has a profile for this one. Try Dealroom → from all existing shareholders, including founder Yusaku Horiuchi, L CattertonDealroom has a profile for this one. Try Dealroom →, eBeauty GroupDealroom has a profile for this one. Try Dealroom →, and Yanagi Capital PartnersDealroom has a profile for this one. Try Dealroom →. Horiuchi and chief executive officer Yoshiaki Okura will reinvest alongside KKR. Terms were not disclosed.
What each company does: KKR is a global investment firm; L Catterton is a consumer-focused investor that first backed Ci FLAVORS in 2022. Founded in 2011, Ci FLAVORS runs brands including &honey, 8 THE THALASSO, unlabel, THERATIS, and MOROCCAN BEAUTY across haircare, skincare, body care, and lifestyle categories.
Why now? Ci FLAVORS holds an established position in Japan's shampoo and hair treatment market, and has recorded growth in overseas sales across Asia and North America. Its operations span brand sales, OEM manufacturing, D2C and e-commerce, directly managed department store retail, and global ingredient procurement.
What's the endgame? KKR is making the investment through its flagship Asia Pacific private equity strategy. Okura said the firm will help "accelerate our growth initiatives, including through international and category expansion, strengthening our talent base and organizational capabilities, and strategic M&A."
Strategic rationale: "Ci FLAVORS has built a differentiated position in Japan's beauty market through its consumer-focused product development capabilities and diversified portfolio of brands," said Eiji Yatagawa, partner and head of Japan private equity at KKR.
The signal: The deal extends KKR's run of consumer and beauty bets, following investments in Wella CompanyDealroom has a profile for this one. Try Dealroom → and beauty-booking platform Fresha. It also marks another exit for a private equity backer to a larger fund — a familiar path as global firms compete for Japanese consumer assets with international expansion potential.
Image credit: Photocapy
