Shiseido Americas, a subsidiary of Shiseido Company, is selling three of its iconic brands—BareMinerals. Buxom Cosmetics, and Laura Mercier—to private equity firm Advent International.

The newly formed company will be renamed AI Beauty Holdings Ltd., and Pascal Houdayer, (shown above) will take over as chief executive officer. The closing is expected by the end of the year.

Janet Gurwitch, a well-known beauty industry investor who founded Laura Mercier in 1996, advised Advent on the transaction and will continue to advise the firm and the new company.

The deal marks Advent’s second investment in the beauty industry in the last two years, following its acquisition of prestige hair-care brand Olaplex in January 2020. 

Advent was also the majority owner of Douglas, Europe’s leading beauty retailer, from 2013 to 2015. During that time, Advent helped the company enhance its profile, expand its international presence, and transform from a diversified retail conglomerate to a specialist retailer of selective beauty products.

AI Beauty's New CEO—Pascal Houdayer

A seasoned executive in the beauty industry, Pascal Houdayer has 30 years of senior management experience. His expertise lies in leading beauty and personal care businesses across both developed and emerging markets. 

He previously served as chief executive officer of NAOS (Bioderma, Esthederm, Etat Pur) and as an executive vice president at Henkel. In 2017, he led Henkel’s carve-out of Shiseido’s North American Hair Professional business, including the Joico and Zotos brands. 

Prior, Houdayer worked for 19 years at Procter & Gamble holding various international management positions in the United States, Europe, and Africa. 

Most recently, he served as president and founder of stratosPHere, a global private equity senior advisory and consulting firm.

On Track to Grow BareMinerals, Buxom, and Laura Mercier

BareMinerals launched in 1995, and is known for its clean, mineral-based makeup. Buxom launched in 2007, and is often ranked among the top five U.S. brands in various lip categories. And Laura Mercier has a cult following as creator of the "flawless flace."

Houdayer says, “We believe these brands have significant runway for growth, particularly as we see the large and growing color cosmetics market benefitting from secular tailwinds. I look forward to helping expand these brands across new products, channels, and regions, while enabling the new company to realize its full potential.”

Tricia Glynn, a managing director at Advent, comments, "We are excited to partner with Pascal as CEO of the new company to accelerate the growth of these brands by continuing to develop innovative products, expanding into new categories and geographies, and enhancing digital engagement with customers.”

Ron Gee, president and CEO of Shiseido Americas, adds, “We believe Advent is the right partner to guide these incredible brands into their next chapter."