LVMH’s private equity firm, L Catterton, has established its first beauty retail company in China, named Mystique Beauty (Guangzhou) Limited, with a registered capital of 104 million RMB ($4.3 million). The company will focus on the retail and wholesale of cosmetics. This move marks L Catterton’s first entry into the Chinese beauty retail sector. Last year alone, L Catterton made three investments in China, targeting collagen restructuring, base makeup, and children’s skincare. Alongside L Catterton, other international giants like L’Oréal, Estée Lauder, and Shiseido are also increasing their investments in the Chinese beauty market through their venture capital arms.