L Catterton stated via its official WeChat account on December 16 that it has no equity or investment ties with Shanghai Yongxi Information Technology Co, or its affiliates. While L Catterton signed an investment agreement with Yongxi, the parent company of beauty brand Blankme, in November 2023, the deal was terminated in February 2024 due to financial irregularities and undisclosed legal disputes uncovered during due diligence. Founded in 2016, Yongxi’s brand Blankme is known for its base makeup products, including the popular Little Black Box and Little Silver Box, which have frequently topped Tmall’s domestic foundation rankings.