Global investment firm KKR said Monday it would acquire Ci FLAVORS Co., Ltd., a Tokyo-based beauty and lifestyle platform, through funds managed by its Asia-Pacific private equity strategy.
The transaction, for which financial terms were not disclosed, follows definitive agreements signed by both parties. Founder Yusaku Horiuchi, L Catterton, eBeauty Group and Yanagi Capital Partners will exit their stakes in the company. Horiuchi and Ci FLAVORS Representative Director and CEO Yoshiaki Okura will co-invest alongside KKR.
Ci FLAVORS operates a portfolio of brands including &honey, 8 THE THALASSO, unlabel, THERATIS and MOROCCAN BEAUTY. The group offers haircare, skincare, body care and lifestyle products, selling through direct-to-consumer channels, e-commerce, department stores and global procurement networks. Established in 2011, the company has built a strong position in Japan’s haircare market—particularly shampoo and hair treatment products—and expanded overseas sales across Asia and North America.
L Catterton, which invested in Ci FLAVORS in 2022, manages roughly $40 billion across private equity, credit and real estate platforms.
Eiji Yatagawa, Partner and Head of Japan Private Equity at KKR, said the firm would work with Ci FLAVORS’ management team and leverage its global consumer-sector network to support growth in Japan and international markets. Okura said the company plans to pursue expansion into new categories and geographies, strengthen its talent base and pursue strategic mergers and acquisitions.
KKR’s consumer portfolio includes prior investments such as Wella Company, Fresha, Seiyu, V3 Group and Vini Cosmetics.
