L’Oreal’s investment arm in China, Shanghai Meicifang Investment (Meicifang), has bought a minority stake in the high-end Chinese niche fragrance brand Documents.
Cathay Consumer Co-creation Fund, co-established by Cathay Capital, Kering, L’Oreal and Pernod Ricard, also invested in the Chinese brand. The investment will be used for product development, business operations, and to fuel Documents’ international expansion.
Founded last year by Zhaoran Meng, Documents is known for its rebellious, dark and mysterious image with unique store designs, targeting the high-consumption Gen Z and Millenials. The brand currently operates three stores in the country.
The purchase of a Documents stake, backed by Bold (Business Opportunities for L’Oreal Development), marks Meicifang’s first investment in China after being established by L’Oreal Group in May with registered capital of US$15 million.
Fabrice Megarbane, President of L’Oreal North Asia and CEO of L’Oreal China, said the founding of Meicifang reflects the group’s “long-term confidence” in China and Chinese beauty brands and its confidence in the increasingly optimised business environment in the country.