Yatsen Holding Business Summary

Yatsen Holding Ltd (YSG) operates as a digitally native, multi-brand beauty group primarily serving the Chinese market through a data-driven Direct-to-Consumer (DTC) business model. The company generates revenue through the design and retail of beauty products across two primary segments: Color Cosmetics, featuring brands like Perfect Diary, Little Ondine, and Pink Bear, and Skincare, which includes premium and clinical brands such as Galénic, Eve Lom, and DR.WU (mainland China). While historically reliant on mass-market cosmetics, Yatsen is currently executing a strategic pivot toward high-margin, science-backed skincare, which accounted for nearly half of total revenues by late 2025. Direct competitors include domestic leaders Proya Cosmetics, Shanghai Jahwa, and Botanee Group, alongside global giants like L'Oréal and Shiseido; Yatsen distinguishes itself through its agile, social-commerce-first infrastructure and rapid product iteration cycles. The company was co-founded in 2016 by Jinfeng (Leo) Huang, Yuwen (Venus) Zhang, and Luyu (Lynn) Chen, with Huang serving as Chairman and CEO. Huang brings significant industry pedigree from his tenure as Vice President at Hunan Yujiahui Cosmetics and a market research manager at P&G, complemented by an MBA from Harvard Business School. The executive team is further bolstered by CFO Donghao Yang, formerly the CFO of Vipshop, and Chief Scientific Officer Jing Cheng, a 25-year R&D veteran and former VP at Estée Lauder. Yatsen is backed by prominent institutional investors including Hillhouse Capital, Tiger Global, and Boyu Capital. Its board of directors features notable figures such as Sidney Xuande Huang (former CFO of JD.com) and Bonnie Yi Zhang (CFO of Sina), reflecting a governance structure deeply integrated with China’s e-commerce and financial elite.