Yatsen Holding
Yatsen Holding (NYSE: YSG) is a China-based multi-brand beauty group operating six owned brands spanning color cosmetics and prestige/clinical skincare for Gen Z through premium consumers, distributed primarily through e-commerce platforms across China, Japan, Europe, and North America.
- Company typePublic
- Founded2016
- HeadquartersGuangzhou, China
- Headcount1,001–5,000
- GTM typeB2C
- OfferingHardware or Manufacturing
What Yatsen Holding does
Yatsen Holding Limited (NYSE: YSG) is a China-based multi-brand beauty group founded in 2016 by Jinfeng Huang (former P&G and L'Oréal executive, Harvard MBA) and headquartered in Guangzhou. The company operates a portfolio of six owned brands spanning color cosmetics and skincare across mass-market to prestige price tiers: Perfect Diary and Pink Bear target Gen Z consumers with affordable color cosmetics; Little Ondine serves new-generation urban women; DR.WU is positioned as clinical/efficacy skincare; and Galénic and EVE LOM are French and British prestige skincare brands, respectively. In 2025, Yatsen added Ruikang Care, a medical-grade skincare brand developed from Ruijin Hospital-Yatsen joint laboratory research on HIF-1α pathway technology.
The company's core technology infrastructure is built around its '1-3-4-6-20' global R&D strategy: one advanced manufacturing facility (Yatsen BioTech, built jointly with COSMAX at 600+ million RMB), three global R&D centers (Shanghai, Guangzhou, Toulouse), four research directions (biotechnology, scientific skincare, emotional skincare, skin data expertise), six joint laboratories with academic and hospital partners, and 20+ international research collaborations. As of December 31, 2025, Yatsen held 269 global patent applications (84 invention applications, 72 granted) and has presented research at IFSCC congresses for four consecutive years. The company has invested over RMB 700 million in cumulative R&D since 2020, maintaining R&D spend above 3% of revenue for four consecutive years.
Yatsen's revenue model is direct-to-consumer, generated primarily through e-commerce platforms including Tmall, Douyin, JD.com, and brand-owned stores, with extensive livestreaming commerce. FY2025 total net revenues reached RMB 4.30 billion (US$614.6 million), representing 26.7% YoY growth, with skincare now comprising 53% of revenue (growing 63.5% YoY) versus a declining color cosmetics segment (-5.0% YoY in Q1 2026). The company achieved its first Non-GAAP annual net profit in 2025 and operates internationally across Asia, Europe, and North America, with offices in Tokyo (where Perfect Diary is #1 among Chinese beauty brands), London, New York, and Paris. In March 2026, Yatsen secured a US$120 million private placement led by Trustar Capital with Hillhouse and the founder to fund global R&D, supply chain integration, and strategic M&A.
Yatsen Holding firmographics
Firmographics- Name
- Yatsen Holding
- Legal name
- Yatsen Holding Limited
- Website
- https://yatsenglobal.com
- Company type
- Public
- Founded year
- 2016
- Operating status
- Operating
- Headcount range
- 1,001–5,000 employees
- Short description
- Yatsen Holding (NYSE: YSG) is a China-based multi-brand beauty group operating six owned brands spanning color cosmetics and prestige/clinical skincare for Gen Z through premium consumers, distributed primarily through e-commerce platforms across China, Japan, Europe, and North America.
- Ownership category
- akta.pro rank
Yatsen Holding industry classification
Industry- Product category
- Color Cosmetics and Skincare
- NAICS
- Cosmetics, Beauty Supplies, and Perfume Retailers (456120)
- SIC
- Perfumes, Cosmetics & Other Toilet Preparations (2844)
- akta.pro primary industry
- K-Beauty/J-Beauty & Global Skincare Regimens (CRABAAAI)
- akta.pro secondary industries
- Skincare Sets, Kits & Travel Sizes (CRABAAAL), Hand & Body Care (Lotions, Creams, Body Oils) (CRADANAC)
Keywords
Where Yatsen Holding is headquartered
LocationHeadquarters
- HQ city
- Guangzhou
- HQ country
- China
- HQ region
- Asia
Offices9 records
Markets served
Yatsen Holding business model
Business model- GTM type
- B2C
- Offering type
- Hardware or Manufacturing
- Cost components
- Marketing or Sales, Technology or R&D, Supply Chain, Personnel, Operations, Infrastructure
Revenue model
- Skincare Brands Revenue: Revenue from skincare brands including Galénic, DR.WU (mainland China business), Eve Lom and other skincare brands. Represents the primary growth driver with 58.5% YoY growth in Q1 2026 and 63.5% full-year growth in 2025.
- Color Cosmetics Brands Revenue: Revenue from color cosmetics brands including Perfect Diary, Little Ondine, Pink Bear and other color cosmetics brands. Represents declining segment with 5.0% YoY decrease in Q1 2026.
Pricing tiers
| Model | Billing | Price |
|---|---|---|
| Other | Pay-as-you-go | Multi-brand portfolio spanning mass to prestige segments |
Go-to-market motion3 records
Distribution channels9 records
Marketing channels7 records
Yatsen Holding product offering
Product offeringCore offering
Yatsen Holding designs, develops, manufactures, and sells color cosmetics and skincare products under a multi-brand portfolio that spans mass-market to prestige and clinical segments. The group owns and operates six core beauty brands — Perfect Diary, Little Ondine, Pink Bear, DR.WU (mainland China), Galénic, and EVE LOM — plus the medical-skincare sub-brand Ruikang Care, distributing them via e-commerce platforms (Tmall, Douyin, JD.com), brand-owned websites, and offline experience stores across China, Japan, Southeast Asia, Europe, and North America.
Product overview
Yatsen Holding is a multi-brand beauty group operating a platform-plus-sub-brands architecture. The company owns and manages a portfolio of six distinct beauty brands across color cosmetics and skincare categories: Perfect Diary (mass-market color cosmetics), Little Ondine and Pink Bear (youth-oriented color cosmetics), DR.WU (professional efficacy skincare), Galénic (prestige French skincare), and EVE LOM (premium British skincare). The group also launched 瑞科护 as a medical skincare sub-brand. The portfolio spans from mass-market to prestige segments, with strategic focus shifting toward skincare which now represents over 50% of total revenue. The business model combines brand development, R&D innovation, and global supply chain integration.
Differentiator
Problem solved
Functional benefit
Companies that use Yatsen Holding
Customer profileNamed customers1 record
Segments4 records
Ideal customer profiles3 records
Yatsen Holding technology and API
TechnologyTechnology focussed No
API detail
- Has API
- No
- API docs
- API detail
Core technology
AI maturity
App detail
AI capability6 records
Feature10 records
Yatsen Holding partnerships and signals
Strategic signalPartnerships
Eleven partnerships are on record, tiered core and minor.
- Chinese Fragrance, Flavour and Cosmetic Association (中国香料香精化妆品工业协会)coreCollaborative partner for industry standards development and the 'Beauty Innovation Insight' white paper launch. Association representatives recognized Yatsen's white paper as setting industry benchmarks for innovation and scientific communication.
- Ruikehu (瑞科护)minorMedical skincare brand launched based on Ruijin-Yatsen joint laboratory research成果, applying HIF-1α pathway technology for oxygen-boosting skincare solutions.
- COSMAX (科丝美诗)coreGlobal leading ODM (Original Design Manufacturer) company jointly building Yatsen BioTech manufacturing facility. Investment exceeds 600 million RMB with 78,000 sqm building area, representing Asia's leading beauty manufacturing base. Partnership combines COSMAX's manufacturing expertise with Yatsen's brand development capabilities.
- Shanghai Ruijin Hospital (上海瑞金医院)coreEstablished 'Ruijin Hospital - Yatsen Group Medical Skincare Joint Laboratory' in June 2023, focusing on medical skincare research and technology transfer. The joint research on HIF-1α pathway for improving skin hypoxia and preventing pressure injuries was presented at ICN Congress in Helsinki 2025. Technology has been applied to new brand 'Ruikehu (瑞科护)' products.
- Sun Yat-sen University (中山大学)coreEstablished 'Sun Yat-sen University - Yatsen Group Skin Health Precision Research Joint Laboratory' at 5th China International Import Expo 2022. Yatsen donated 10 million RMB to establish 'Sun Yat-sen University - Yatsen Research Development Fund' in 2023 for marine science and Chinese-style modernization research. Research published in Science Bulletin and Nature Medicine journals.
- Fudan University (复旦大学)coreCollaborative partner in Yatsen's Open Lab research system, contributing to skincare research and product development. Fudan University experts participate in industry-academia-medicine collaboration projects.
- National Nano-medicine Engineering Research Center (国家纳米药物工程技术研究中心)coreCollaborative partner developing proprietary Nanoxinfuse nano-delivery technology for DR.WU PDRN products, based on Nobel Prize-origin RNA vaccine nano-liposome encapsulation technology. Research published in top-tier scientific journals including Nature Medicine.
- Saint-Louis Hospital, France (法国圣路易斯医院)coreFoundation of Galénic Foundation at Saint-Louis Hospital skin department, chaired by Professor Jean-David BOUAZIZ, bringing together authoritative experts from top international research institutions. The hospital, birthplace of global dermatology, provides professional support for Galénic's scientific research.
- Sensient (森馨)minorJoint laboratory partner contributing to color cosmetics ingredient research and development within Yatsen's Open Lab research system.
- Lubrizol (路博润)minorInternational ingredient supplier partner in Yatsen's global research network, contributing to advanced ingredient development for skincare products.
- Huazhong University of Science and Technology (华中科技大学)coreCollaborated with National Nano-medicine Engineering Research Center at this university to develop Nanoxinfuse包裹促渗 technology for DR.WU PDRN water-light essence products.
Scale indicators21 records
Recent moves9 records
Expansion highlights6 records
Yatsen Holding competitors and assessment
Company assessmentOthers
- COSMAX: Global Korean ODM manufacturer and Yatsen's manufacturing partner for the BioTech facility. Comparable as ecosystem participant in beauty manufacturing, with insights into Yatsen's supply chain and scale economics.
Direct peers
- Proya Cosmetics: Leading Chinese beauty company listed on Shanghai Stock Exchange with strong skincare portfolio and similar multi-brand strategy. Most directly comparable Chinese peer competing in mass-to-prestige skincare segments with significant R&D investments.
- Bloomage Biotechnology: Chinese biotech-driven skincare company known for hyaluronic acid innovations and brands like Quadha and BM Muscle. Comparable as a science-led Chinese beauty company with strong R&D credentials in skincare ingredients.
- Shanghai JALA Group (Marubi): Chinese skincare company focusing on functional skincare with skincare franchise comparable to DR.WU. Direct peer in the clinical/functional skincare segment targeting similar premium Chinese consumers.
Broad incumbents
- L'Oréal: Global beauty leader with brands like Lancôme, L'Oréal Paris, Kiehl's, and SkinCeuticals competing across all price tiers. Direct competitor in prestige skincare (vs Galénic/EVE LOM) and mass color cosmetics (vs Perfect Diary) in China.
- Estée Lauder Companies: Global prestige beauty conglomerate with brands like Estée Lauder, Clinique, La Mer competing in prestige skincare. Notable as Yatsen's CSO previously worked at Estée Lauder; competes directly in prestige skincare segments globally.
- Shiseido: Japanese prestige beauty company with strong skincare franchise including SHISEIDO, Cle de Peau, and Drunk Elephant. Competes with Yatsen's premium skincare brands and shares the Asian beauty market focus.
- Amorepacific: Korean beauty giant with brands like Sulwhasoo, Laneige, Innisfree competing across skincare segments. Comparable as Asia-based global beauty player with strong innovation pipeline and similar geographic expansion strategies.
- Beiersdorf: German skincare company behind NIVEA, Eucerin, and La Prairie. Comparable as a global skincare incumbent competing in clinical skincare segment against DR.WU and in mass market skincare.
Emerging players
- Florasis (Huaxizi): Chinese domestic color cosmetics brand that has emerged as a major competitor to Perfect Diary in C-beauty space. Represents the new wave of Chinese brands Yatsen must defend against in mass color cosmetics.
Market position
Strengths5 records
Weaknesses5 records
Competitive moat5 records
Key risks7 records
Key highlights7 records
Customer concentration
Yatsen Holding social profiles
Digital presenceYatsen Holding compliance and trust
Trust signalCompliance8 records
Yatsen Holding financial estimates
Financial estimateRevenue estimate
Valuation estimate
Yatsen Holding leadership team
Management profileNumber of profiles
Profiles3 records
Yatsen Holding subsidiaries and ownership
Company hierarchySubsidiaries6 records
Yatsen Holding funding detail
Funding detailFunding overview
Funding rounds6 records
Investors14 records
Funding detail is available on the Subscription and Enterprise plan.Contact sales →
Yatsen Holding M&A and investment
M&A and investmentM&A2 records
Investments1 record
M&A and investment is available on the Subscription and Enterprise plan.Contact sales →
Frequently asked questions about Yatsen Holding
What does Yatsen Holding do?
Yatsen Holding designs, develops, manufactures, and sells color cosmetics and skincare products under a multi-brand portfolio that spans mass-market to prestige and clinical segments. The group owns and operates six core beauty brands — Perfect Diary, Little Ondine, Pink Bear, DR.WU (mainland China), Galénic, and EVE LOM — plus the medical-skincare sub-brand Ruikang Care, distributing them via e-commerce platforms (Tmall, Douyin, JD.com), brand-owned websites, and offline experience stores across China, Japan, Southeast Asia, Europe, and North America.
Is Yatsen Holding a public or private company?
Yatsen Holding is a public company. It is classified as public and is currently operating.
When was Yatsen Holding founded?
Yatsen Holding was founded in 2016. It employs 1,001 to 5,000 people.
Where is Yatsen Holding based?
Yatsen Holding is headquartered in Guangzhou, China, in the Asia region.
How does Yatsen Holding make money?
Two revenue lines are on record. Skincare Brands Revenue is the primary driver. The others are color Cosmetics Brands Revenue.
Who are Yatsen Holding's main competitors?
COSMAX is listed as an others. Direct peers are Proya Cosmetics, Bloomage Biotechnology and Shanghai JALA Group (Marubi). Broad incumbents are L'Oréal, Estée Lauder Companies, Shiseido, Amorepacific and Beiersdorf. Florasis (Huaxizi) is listed as an emerging player.
Does Yatsen Holding have an API?
No public API is recorded for Yatsen Holding.
What industry is Yatsen Holding in?
Yatsen Holding's product category is Color Cosmetics and Skincare. Its primary akta.pro industry code is CRABAAAI, K-Beauty/J-Beauty & Global Skincare Regimens, with a secondary code of CRABAAAL, Skincare Sets, Kits & Travel Sizes. Its NAICS code is 456120 and its SIC code is 2844.