LBO France has successfully sold the iconic French cosmetics brand Payot to the Chinese beauty group Ushopal, paving the way for accelerated growth in Asian markets.

Target Information

On March 24, 2025, LBO France, a multi-specialist investment platform and pioneer in private equity, announced the sale of Payot, a renowned French cosmetics brand established in 1920, to the Chinese beauty group Ushopal. Under LBO France's stewardship, Payot has undergone significant transformations, including its departure from the Puig group. LBO France's operational team closely collaborated with Payot's leadership to delineate the brand's activities and establish essential support functions that were absent at the time of acquisition.

During LBO France's investment period, Payot experienced substantial growth, with revenue increasing from €25 million in 2014 to €38 million in 2024. This growth trajectory has been driven by the brand's repositioning, including an upscale strategy and the introduction of eco-friendly packaging. Additionally, Payot expanded its distribution channels from a focus on spas and institutes to retail and online, launching an e-commerce site and significantly boosting online sales.

Industry Overview

The cosmetics industry in France holds a prominent global position, recognized for its rich heritage and ongoing innovation. French brands are synonymous with quality and luxury, attracting consumers both locally and internationally. Th