Yatsen Holding Limited, the parent company of top direct-to-consumer makeup brand Perfect Diary, has agreed to buy British premium skincare brand Eve Lom from Manzanita Capital, it said in a press release.

The New York-listed Chinese group has steadily expanded its portfolio over the past year. In 2020, it acquired beauty brand Little Ondine and French skincare player Galénie. Eve Lom serves to boost its high end offering; Yatsen’s founder, chairman and CEO Jinfeng Huang said the brand has maintained resilient sales and profitability in spite of the pandemic.

London-based Manzanita Capital will retain a minority stake in the business and serve as a strategic partner. The acquisition is expected to be completed within the next few weeks.