Haircare M&A: Key moves and market impact

For the latest on skincare, cosmetics, fragrances, wellness, emerging Chinese and APAC beauty brands, subscribe to our weekly Jing Beauty Newsletter. After years of skincare and color cosmetics dominating China’s beauty conversation, haircare has emerged as the industry’s next big growth engine. Jing Daily’s latest report, “Haircare: Capturing China’s Next Beauty Boom,” explores how a once-overlooked category is being redefined by premiumization, science-led innovation, and an unprecedented wave of mergers and acquisitions. In the first half of 2025, online haircare sales in China surged 20.7% year-on-year to 34 billion RMB ($4.79 billion), making it one of beauty’s fastest-growing segments. The acceleration reflects changing consumer priorities: hair health has become an extension of skincare, with scalp-focused formulas, ingredient transparency, and efficacy driving purchasing decisions. “The market’s consolidation reflects a strategic race for innovation, scale, and premium positioning,” the report says. “Brands that combine scientific credibility with emotional resonance will define the next phase of China’s beauty growth.” Global giants double down Global players are leading the charge. L’Oréal, already leading in China’s professional haircare sector through Kérastase, expanded its footprint in June 2025 with the $1 billion acquisition of Color Wow, a high-end styling brand beloved by professionals and celebrities alike. The deal, following its 2023 purchase of Aesop, underscores L’Oréal’s strategy to strengthen its presence across premium hair and body care. The move is paying off. L’Oréal’s Professional Products Division posted 4.8 billion euros ($5.3 billion) in revenue in 2024, up 5.3% year-on-year, driven by strong double-digit growth in China. At the same time, investors are betting on the sector’s global momentum. In July 2025, Blackstone led a 800 billion Korean won ($592 million) bid to acquire Juno Hair Group, South Korea’s largest luxury salon chain — marking the biggest M&A in South Korea’s hair sector and signaling the rising strategic value of professional haircare networks. C-beauty joins the race China’s domestic beauty powerhouses are moving quickly to capture this momentum. Proya, one of the country’s leading cosmetics groups, entered haircare with its 2021 acquisition of Off&Relax and launched Awaken Seeds (惊时) in 2024, a tech-driven brand focused on scalp micro-ecology. Chicmax, known for its C-beauty label Kans, introduced 2032, a scalp-focused brand in 2023. Meanwhile, Biofreda launched Soonmu (即木) in 2024, Chando unveiled a new herbal scalp care range, and Dyson debuted its Chitosan styling series, signaling how tech and wellness are converging. Perhaps the most strategic move came from Joy Group, the parent company of mass-market darling Judydoll. In partnership with France’s Pierre Fabre Group, Joy Group took over the China operations of René Furterer, a premium French scalp and haircare brand, in January 2024. The group is further deepening its footprint in haircare through M&A. In October, it completed the acquisition of Italian haircare brand Foltène. Exclusive Jing Daily interview with René Furterer China Since the transition, René Furterer has achieved remarkable growth. Under Joy Group’s management, the brand recorded 72% YoY revenue growth in H2 2024 and achieved 181 million RMB ($25 million) in gross merchandise value during this year’s “618” shopping festival — a 34% YoY increase. In an exclusive interview with Jing Daily featured in the report, Stefan Huang, Strategy Director of Joy Group, says: “Asian consumers are investing more in clinically validated haircare. The mid-to-high-end segment grew 28% in early 2025, while the mass market declined.” To localize further, Joy Group and Pierre Fabre co-developed Absolut Kératine Hair Oil, launched in July 2025 and tailored for Asian hair types. The product addresses regional needs — from UV exposure to color damage — reflecting a growing emphasis on R&D collaboration between international and Chinese partners. The road ahead China’s haircare boom mirrors a larger shift in beauty: the fusion of wellness, biotechnology, and everyday luxury. What began with anti-hair-loss serums has evolved into a high-value ecosystem spanning scalp treatments, bond repair, and in-salon services. As consolidation accelerates, the category’s leaders are those bridging science and storytelling — brands that transform routine care into aspirational wellness rituals. For both global conglomerates and local innovators, the race is now about scale, specialization, and long-term consumer trust. Jing Daily’s “Haircare: Capturing China’s Next Beauty Boom” report provides an in-depth look at the deals, players, and consumer behaviors defining this transformation — offering essential insights for investors, retailers, and beauty strategists navigating the next phase of China’s growth story. Download the full report now to explore the key deals, consumer insights, and brand strategies defining China’s fast-evolving haircare economy.

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Haircare M&A: Key moves and market impact