Yatsen Holding Limited

Yatsen Holding Limited is the parent company of Chinese beauty brand Perfect Diary (完美日记), founded in 2016 by Huang Jinfeng (黄锦峰) . The company positioned itself as an "industry infrastructure-level" beauty group aspiring to become "the new L'Oréal for the internet era," with Perfect Diary serving as the first brand on that platform .

Gaorong Ventures led Yatsen's Series A in early 2018 and continued to invest in subsequent rounds, describing the team as having unusual vision for building a multi-brand infrastructure from the start . The company's model emphasized DTC (direct-to-consumer) and data-driven operations, claiming it could bring new products to market in six months versus the 7–18 months typical for international brands .

By the time of its November 2020 NYSE listing—making it the first Chinese beauty group on the U.S. exchange—Yatsen had expanded beyond Perfect Diary to include Little Ondine (小奥汀, acquired June 2019), Abby's Choice (完子心选, launched 2020), and the acquired French premium brand Galénic . The IPO priced at $10.50 per ADS for a market cap of roughly $7 billion , though FreeS Fund later cited its first-day market cap as exceeding $12.2 billion . Sales grew from 758 million RMB in 2018 to 3.5 billion RMB in 2019, then reached 3.8 billion RMB in just the first three quarters of 2020 .