KKR Acquires Japanese Beauty Platform Ci Flavors

KKR announced that it will acquire Ci Flavors from all existing shareholders, including Ci Flavors founder Yusaku Horiuchi, L Catterton, eBeauty Group, and Yanagi Capital Partners (Yanagi). 

With roots dating back to 2011, Ci Flavors has grown into one of Japan’s leading beauty and lifestyle brand platforms, offering products across haircare, skincare, body care and lifestyle categories. 

Its portfolio includes brands such as &honey, 8 The Thalasso, unlabel, Theratis, and Moroccan Beauty. Its operations span brand sales, OEM manufacturing, D2C and e-commerce channels, directly managed department store retail, and global ingredient and materials procurement. 

Ci Flavors has an established presence in Japan’s haircare market, particularly in shampoo and hair treatment products, and has recorded growth in overseas sales, including in Asia and North America.

Eiji Yatagawa, Partner and Head of Japan Private Equity at KKR, said, 

“Ci Flavors has built a differentiated position in Japan’s beauty market through its consumer-focused product development capabilities and diversified portfolio of brands. We look forward to working closely with the management team and leveraging KKR’s global network in the consumer sector, operational expertise, and investment experience to support the Company’s continued growth in Japan and further expansion across international markets.”

Yusaku Horiuchi and Representative Director and CEO Yoshiaki Okura will both be investing alongside KKR in the transaction.

KKR is making this investment as part of its flagship Asia Pacific private equity strategy. This transaction builds on KKR’s deep experience investing in consumer businesses globally. 

Relevant investments include: Wella Company, a leading global professional and retail hair care and beauty company; Fresha, a leading platform for the beauty and wellness industry; Seiyu, a nationwide supermarket chain in Japan; V3 Group, an Asian lifestyle and wellness company that operates a portfolio of brands including TWG Tea and Bacha Coffee; and Vini Cosmetics, a leading personal care company founded in India.