PARIS — Yatsen, a Chinese beauty company, has acquired the Galénic skin-care brand from Pierre Fabre, the groups jointly announced on Friday.
Financial terms of the deal were not disclosed.
The takeover will be effective starting Nov. 1, following which Pierre Fabre will own a 10 percent stake in the subsidiary created by Yatsen to maintain Galénic’s assets in Europe.
Pierre Fabre, a pharmacist, introduced the premium skin-care brand in France and elsewhere in Europe in the late Seventies.
Yatsen will support Galénic in Europe and introduce it in China, among other Asian markets.
“Yatsen intends to capitalize on the French identity of the iconic brand in its communication and will entrust Pierre Fabre with the manufacturing of Galénic products and the development of its future innovations,” the companies said in the statement.
Yatsen expects to improve its research and development, bolster product innovation and profit from Pierre Fabre’s product and branding know-how.
“Over the years, French brands have been popular among Chinese consumers for their elegance, fashion, refinement and leading R&D efforts,” said David Huang, Yatsen Group founder and chief executive officer. “We firmly believe that with Pierre Fabre’s unique and leading capability and excellent team, Yatsen will be empowered for future growth.”
“Galénic has very strong roots in France, and we are confident that Yatsen will bring the brand to the next level by leveraging these roots with Chinese consumers,” said Pierre Fabre ceo Eric Ducournau. “As far as Pierre Fabre is concerned, this divestiture is consistent with our strategy to focus our investments in skin care on brands relying on the dermatologist’s prescription and targeting skin suffering from pathologic conditions, which is not the case of Galénic.”
Yatsen was founded in 2016 and is direct-to-consumer native. Its three color-cosmetics and skin-care brands include Perfect Diary, Little Ondine and Abby’s Choice. More than 20 million consumers in China have bought Yatsen brands.
Pierre Fabre, based in Castres, France, registered sales in 2019 of 2.4 billion euros. Its products, which range from medical care to dermocosmetics, are sold in 130 countries. The group’s brands include Eau Thermale Avène, Ducray, Klorane, A-Derma and René Furterer.