Chinese base makeup brand First Cover (由一) has undergone an equity restructuring, adding the Cathay Consumer Fund as a new shareholder. The fund, co-established by Cathay Capital along with global groups Kering, L’Oréal, and Pernod Ricard, previously invested in domestic fragrance brand AromeManpo in 2023. Founded in 2024 by Wang Yuying, First Cover focuses on “functional base makeup” products. Its signature Firming & Lifting Foundation reached over 100,000 units sold within four months.