On March 31, 2025, L'Oréal, the world’s largest beauty group, announced a partnership with Tian Tu Capital to establish the Beauty Pioneer Fund. This fund will target investments in early and growth-stage brands and related businesses that integrate technological innovation and sustainable value, thereby supporting the burgeoning Chinese beauty market and enhancing experiences for both Chinese and global consumers.

As China’s earliest investment institution focused on the consumer sector and the first domestic venture capital firm listed on the Hong Kong Stock Exchange, Tian Tu Capital has accumulated extensive industry resources while developing systematic investment theoris and methodologies. By leveraging its profound industry insights and resource networks, this collaboration will foster growth and innovation within China's beauty ecosystem. Moreover, as a cornerstone investor in this fund, L'Oréal's robust research and development capabilities alongside its global vision will contribute to sustainable development for all stakeholders involved.

Vincent BOINAY, President of L'Oreal North Asia Zone and CEO of L'Oréal China said, "L'Oréal recognizes that China's dynamic beauty market is shaping the future of beauty globally. Investing in China is, therefore, a strategic investment in the future. This partnership underscores our commitment to cultivating a thriving and innovative beauty ecosystem within China. By combining L'Oréal's global beauty expertise with Tiantu's investment acumen, we believe this fund will powerfully catalyze innovation, foster groundbreaking beauty concepts, elevate Chinese brands to international prominence, and empower Chinese entrepreneurs to shape the future of beauty worldwide."

Li Kanglin, partner of Tian Tu Capital, said, "China is now the world’s second-largest consumer market. Driven by changes of technology, population, lifestyle, and culture, domestic beauty brands are undergoing a strategic opportunity period for rapid development. Diverse consumer segments and scenarios will fuel high-quality growth across niche markets and will spring up more leading brands in the industry."

"We believe, this collaboration combines the strengths of a domestic investment expert with a global industry leader to create a ‘double-helix’ synergy. We look forward to leveraging L'Oréal’s platform to unlock broader opportunities for our portfolio companies. Tian Tu will play to our strengths to develop more benchmark projects in the beauty industry, empowering L'Oréal to build a more vibrant beauty ecosystem and establish a win-win partnership model. Meanwhile, the Beauty Pioneer Fund will join hands with outstanding entrepreneurs to contribute more new forces to consumers' better lives."