Business Wire

KKR Acquires Leading Japanese Beauty Platform Ci FLAVORS

KKR & Co.

TOKYO, August 25, 2026--KKR, a leading global investment firm, L Catterton, the largest global consumer-focused investment firm, and Ci FLAVORS Co., Ltd. ("Ci FLAVORS" or the "Company"), a Japanese beauty and lifestyle brand platform, today announced the signing of definitive agreements under which funds managed by KKR will acquire Ci FLAVORS from all existing shareholders, including Ci FLAVORS founder Yusaku Horiuchi, L Catterton, eBeauty Group ("eBeauty"), and Yanagi Capital Partners ("Yanagi"). Yusaku Horiuchi and Representative Director and CEO Yoshiaki Okura will both be investing alongside KKR in the transaction.

With roots dating back to 2011, Ci FLAVORS has grown into one of Japan's leading beauty and lifestyle brand platforms, offering products across haircare, skincare, body care and lifestyle categories. Its portfolio includes brands such as &honey, 8 THE THALASSO, unlabel, THERATIS, and MOROCCAN BEAUTY. Its operations span brand sales, OEM manufacturing, D2C and e-commerce channels, directly managed department store retail, and global ingredient and materials procurement. The Company has an established presence in Japan's haircare market, particularly in shampoo and hair treatment products, and has recorded growth in overseas sales, including in Asia and North America.

Eiji Yatagawa, Partner and Head of Japan Private Equity at KKR, said, "Ci FLAVORS has built a differentiated position in Japan's beauty market through its consumer-focused product development capabilities and diversified portfolio of brands. We look forward to working closely with the management team and leveraging KKR's global network in the consumer sector, operational expertise, and investment experience to support the Company's continued growth in Japan and further expansion across international markets."

Yoshiaki Okura, Representative Director and Chief Executive Officer of Ci FLAVORS, said, "I am very pleased to welcome KKR, one of the world's leading investment firms, as our new shareholder. Ci FLAVORS has grown by respecting the individuality of each brand while striving to deliver new value to our consumers' everyday lives. Our partnership with L Catterton, eBeauty, and Yanagi over recent years built on that strong foundation and corporate culture as we worked closely with them to broaden our product suite, deepen our market penetration, and strengthen our leadership team by leveraging their category expertise and industry network. We are grateful for their support and look forward to the next phase of transformation with KKR, which will help us further accelerate our growth initiatives, including through international and category expansion, strengthening our talent base and organizational capabilities, and strategic M&A. We remain committed to enhancing corporate value for all our stakeholders."