Chinese beauty company Yatsen acquires iconic skincare brand GALENIC from French group Pierre Fabre

Guangzhou (China), Castres (France); October 30, 2020 – Chinese beauty company Yatsen has acquired GALENIC, an iconic skincare brand, from French pharmaceutical and dermo-cosmetic group Pierre Fabre. The take-over will be effective on November 1, 2020. Pierre Fabre will own a minority stake of 10% in the affiliate created by Yatsen to host Galénic assets in Europe.

GALENIC is a premium French skincare brand introduced in France and other European markets in late 1970 by Mr. Pierre Fabre, a renowned French pharmacist and galenic genius who invented and expanded the dermo-cosmetic category worldwide. Over time, GALENIC has acquired iconic status in France through selective distribution in high-end pharmacies and a regular flow of breakthroughs in cosmetic actives and innovations.

Yatsen will continue supporting Galénic’s development in the European market and introduce it in China, the most dynamic cosmetics market globally, and in other Asian markets. In this process, Yatsen will keep and promote Galénic’s unique French genes and connotations and will cooperate with Pierre Fabre Group to develop and produce Galénic products.

With this move, Yatsen intends to improve its research & development capabilities, boost product innovation, and benefit from Pierre Fabre’s rich experience in product development and brand building.

David Huang, Yatsen Group founder, and CEO, stated on the deal: “As a young and rapidly growing beauty group, Yatsen is very honored to reach this strategic partnership with Pierre Fabre. Over the years, French brands have been popular among Chinese consumers for their elegance, fashion, refinement, and leading R&D efforts. We firmly believe that with Pierre Fabre’s unique and leading capability and excellent team, Yatsen will be empowered for future growth.”

Pierre Fabre CEO Eric Ducournau also commented on the deal: “We could not have thought of a better acquirer for the GALENIC brand that was created by our founder, Mr. Pierre Fabre. GALENIC has firm roots in France, and we are confident that Yatsen will bring the brand to the next level by leveraging these roots with Chinese consumers. From the strategic perspective of the Pierre Fabre Group, this divestiture is consistent with our strategy to focus on the research and development of brands and products for dermatologists’ prescription and pathological skincare.

About YATSEN Group

Yatsen, founded in 2016, is a leader in the rapidly evolving Chinese beauty market. It owns three high-growth and successful makeup and skincare brands: PERFECT DIARY, LITTLE ONDINE, and ABBY’S CHOICE. Yatsen currently serves over 20 million consumers in China. Through the highly digital and technology-driven omnichannel strategy and direct-to-consumer (DTC) business model that is new to Chinese beauty industry, Yatsen focuses on deepening customer engagement, innovative product development, and personalized services.

www.yatsenglobal.com

About PIERRE FABRE Group

Pierre Fabre’s turnover reached over € 2.4 billion in 2019, spread over 130 countries. The company is structured around two main divisions: Medical Care with a focus on oncology and dermatology and Dermo-Cosmetics with a portfolio of global brands including EAU THERMALE AVÈNE, DUCRAY, KLORANE, A-DERMA, and RENÉ FURTERER.

Pierre Fabre is 86%-owned by the Pierre Fabre Foundation, a government-recognized public-interest foundation, and secondarily by its employees through an international employee stock ownership plan. In 2019, Ecocert Environment assessed the Group’s CSR policy according to the ISO 26000 standard on sustainable development and awarded it the ECOCERT 26000 “Excellence” level.

www.pierre-fabre.com

38F Poly Midtown Plaza, 23 Xuanyue East Rd, Haizhu District, Guangzhou Building 35 and 36,

No. 2519 Xingang East Road, Haizhu District, Guangzhou.