L'Oréal Takes ~2.2% Indirect Stake in Tillow via Fund: what are the key facts?

On September 10, a shareholder change occurred at Tillow's parent company, adding Creador Future Beauty Fund as a new investor.

L'Oréal Takes ~2.2% Indirect Stake in Tillow via Fund: what are the key facts?

The fund was established by L'Oréal and two other parties, giving L'Oréal an indirect stake of approximately 2.2% after look-through analysis.

L'Oréal Takes ~2.2% Indirect Stake in Tillow via Fund: what are the key facts?

Tillow reported GMV exceeding RMB 2 billion in 2025, marking a 360% year-over-year increase driven primarily by Douyin channels.

L'Oréal Takes ~2.2% Indirect Stake in Tillow via Fund: what are the key facts?

With price points ranging from RMB 100 to 200, the brand maintains a repurchase rate above 40% while expanding into offline stores and platforms like Tmall and JD.com.

L'Oréal Takes ~2.2% Indirect Stake in Tillow via Fund: what are the key facts?

This marks L'Oréal's second investment in a domestic functional base makeup brand, following its stake in FIRST COVER.

Physix Frontier · News Briefing Card (enbrief · Sep 12, 2026)

L'Oréal Takes ~2.2% Indirect Stake in Tillow via Fund

KEY FACTS

On September 10, a shareholder change occurred at Tillow's parent company, adding Creador Future Beauty Fund as a new investor.
The fund was established by L'Oréal and two other parties, giving L'Oréal an indirect stake of approximately 2.2% after look-through analysis.
Tillow reported GMV exceeding RMB 2 billion in 2025, marking a 360% year-over-year increase driven primarily by Douyin channels.
With price points ranging from RMB 100 to 200, the brand maintains a repurchase rate above 40% while expanding into offline stores and platforms like Tmall and JD.com.
This marks L'Oréal's second investment in a domestic functional base makeup brand, following its stake in FIRST COVER.

KEY DATA

2.2%L'Oréal indirect stake

RMB 2BTillow 2025 GMV

360%Tillow YoY growth

>40%Tillow repurchase rate

PHYSIX OBSERVATION

L'Oréal is buying a ticket into the Douyin ecosystem with a minority stake, signaling observation rather than control. With its mass-market lines struggling for growth in China, the giant urgently needs to learn from domestic brands' tactics in content conversion and high repurchase rates. This 'small-step trial, intelligence gathering' strategy reflects both anxiety and pragmatism when facing new channels, aiming to validate models at low cost before deciding on deep integration.

Source: enbrief original report ↗