According to an F-1 registration statement, Yatsen Holding, a firm that sells beauty products in China via its store network and online ecommerce shops, has filed to raise $100 million in a U.S. IPO.
 
Yatsen Holding owns popular Chinese cosmetics brands Perfect Diary, Little Ondine and Abby’s Choice. Cash raised will go towards the group’s ambitious plans, which include opening 500 stores over the next two years and growing the recently launched Abby’s Choice Brand.

Research consultancy Gartner said in a June report that Chinese consumers have become more nationalistic and health conscious since the outbreak of Covid-19. Domestic brands such as Perfect Diary “flourished during the pandemic, releasing low cost, high value, viral products driven by social media in the middle of the lockdown,” the report said.