Paris, 24 March 2025 – LBO France, a multi-specialist and multi-country investment platform, today announces the sale of Payot, the iconic French cosmetics brand founded in 1920, to the Chinese beauty group Ushopal.
LBO France’s operational team has been closely involved with Payot’s executives since the company’s acquisition and removal from the Puig Group, to which it was affiliated, notably as part of the process of carving out activities and structuring support functions that did not exist at the time of the acquisition.
Under the impetus of LBO France’s investment and operational teams, Payot has undergone sustained growth, with sales rising from €25 million in 2014 to €38 million in 2024. This growth has been underpinned by the repositioning of the brand, notably through an upmarket strategy and the introduction of eco-responsible packaging. Payot’s growth has also been driven by the expansion of distribution, historically focused on institutes and spas, towards retail and digital development through the launch of an e-commerce site and a strong acceleration in online channels.
Already highly international, with more than two-thirds of revenues generated in foreign markets in 2014, Payot has stepped up its export sales, thanks notably to the acquisition of a distributor in Australia. On the French market, Payot opened various stores in Paris in 2024, reinforcing its brand image and premium positioning.
With this operation, Payot joins an industrial partner who aims to accelerate the brand’s development in Asia, particularly in China. This transition initiates a new phase of growth for the company, continuing the strategy deployed by LBO France and the management in recent years.
Hugues de La Chevasnerie, CEO of Payot, commented: “Thanks to the support of LBO France, we have been able to strengthen our market position, modernize our offer and develop our digital presence. This new phase will enable us to further accelerate our expansion, particularly in Asia, and continue to promote French expertise in cosmetics.”
Jean-Marie Leroy, Partner in charge of Small Caps at LBO France, commented: “We are proud to have accompanied Payot for almost 10 years and to have contributed to its transformation and growth. We are delighted to see the brand enter a new era with a player capable of leading it to new successes.”
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About LBO France
A pioneer in private equity in France, the LBO France group is now a leading multi-specialist and multi-country investment platform. Active in Private Equity, Real Estate, Venture and on the listed markets, for several years the company has expanded its activities in Europe, particularly in Italy with Polis SGR, as well as on the African continent with CGF bourse. Owned 100% by its managers, LBO France is one of the founding members of the international climate initiative and one of the first signatories of France Invest’s charter for parity.
For more information: www.lbofrance.com
Media contact
Nizar Berrada, nizar.berrada@taddeo.fr
+33.(0)6.38.31.90.50