"Core Packaging Suppliers of 'L'Oreal and Others' Merge! A New Force Emerges in High-End Beauty Packaging
Against the backdrop of accelerated consolidation in the global beauty industry and the continuous upgrading of demand for high-end packaging, the beauty packaging sector is witnessing a landmark acquisition.
On May 5, French high-end packaging giant Cosmogen officially announced the completion of its full acquisition of Hong Kong-based international high-end custom packaging company Asquan, whose core operations and production base are located in Shenzhen. Following the merger, the new Cosmogen & Asquan Group has emerged as a leading global high-end beauty packaging company covering Europe, the United States, Asia, and the Middle East, bringing a profound impact on the industry landscape.
This is not an ordinary merger and acquisition, but a perfect combination of European players who understand technology and Asia-Pacific players in the beauty packaging industry, and it is also the first external growth initiative since Cosmogen's founding. The acquisition was led by Weinberg Capital Partners, a private equity firm in Cosmogen's majority shareholder.
It is said that the merger and acquisition is highly consistent with its strategic goal of "accelerating global layout and becoming a leader in high-end beauty packaging" proposed in 2024. Cosmogen & Asquan is led by CEO Priscille Allais and Asquan founder Henri Tinchant serves as COO. The overall annual revenue of the new group will exceed 50 million euros (about 365 million yuan), of which Asquan will contribute about 20 million euros (about 162 million yuan), with nearly 80 professional employees, covering all categories of skin care, makeup, fragrance, hair care and health personal care, forming a complete high-end packaging solution system, and the customer portfolio includes LVMH, L'Oréal, Clarins, Caudalie, Puig, Shiseido, Westman Atelier , Huda Beauty, Kayali, and Martine, among others.
It is worth noting that the professional capabilities of the two packaging companies have almost no overlap, achieving precise complementarity.
On the one hand, Cosmogen holds core technologies such as patented beauty applicators, makeup brushes, and precision dispensing systems, and is the royal supplier of L'Oréal, Dior, and Clarins, and has been certified as a French mission-driven company in 2022 and awarded the EcoVadis gold rating in 2025, with a mature and perfect ESG system.
Asquan, on the other hand, has been deeply involved in high-end customized packaging for more than ten years, is at the leading level in the industry in flexible supply chain and rapid response, and is known for its sustainable single material and airless packaging, totel and mini packaging forms, covering the field of cosmetics and skin care products. Asquan has served many of the world's most popular independent brands and cutting-edge beauty, and also holds an EcoVadis Gold rating.
On the other hand, McKinsey's "2025 Global Beauty Supply Chain Report" shows that in the past five years, the average new cycle of global beauty brands has been significantly reduced from 12 months to 3-6 months, and the life cycle of popular items has been shortened to less than half a year. Asquan's supply chain system rooted in Shenzhen has just made up for Cosmogen's biggest shortcoming.
Asquan not only has mature precision manufacturing capabilities, but also has developed the industry's top "rapid response supply chain + customization" dual skills: it can not only undertake stable large orders of luxury brands at the level of 100,000, but also meet the small-batch trial production needs of thousands of cutting-edge brands. And this ability is the most scarce core resource of cutting-edge beauty brands.
Especially on the global must-answer question of sustainable packaging, both companies are top students in the industry. Cosmogen's innovative process fully implements the 3R standard of reduce, reuse, and recycle, mainly promotes removable, recyclable, and refillable packaging, widely uses recycled materials, and independently develops product life cycle analysis tools; Asquan uses standardized and green production processes to help brands reduce carbon emissions. Both parties have top ESG ratings, and after the merger, they will further strengthen their sustainable packaging R&D and application capabilities, in line with the green transformation trend of the global beauty industry.
After the merger, the technology, production capacity and channel resources of both parties will be fully opened, and the new group can not only serve the global standardization needs of LVMH's international luxury brands, but also meet the regional and rapid iteration requirements of cutting-edge brands such as Huda Beauty, and the customer territory covers all mainstream consumer markets in Europe, the United States, Asia and the Middle East.
△Cosmogen & Asquan Client Showcase
Priscille Allais, CEO of the Cosmogen & Asquan Group, stated: "In a continuously consolidating beauty market, we must keep evolving. Given the strong synergies between the two companies, acquiring Asquan was a natural choice. This deal positions us as a leading group of global brands while strengthening our commitment to environmental and social responsibilities. I look forward to future collaboration with Henri Tinchant, who brings his unique experience into the industry."
It can be said that this merger sends a very clear signal: the global high-end beauty packaging industry has officially shifted from a 'fragmented scramble' to an 'era of giants,' with industry entry barriers raised to unprecedented heights. The small workshop model, which used to take orders with just a few injection molding machines, is completely eliminated. Small and medium suppliers without a global layout, core patents, and a mature ESG system will gradually be squeezed out of the high-end market, either being forced to move down to the mid-to-low-end track or becoming supporting processing factories for leading enterprises.
The merger of Cosmogen and Asquan is undoubtedly a milestone in this process. For the first time, it truly connects the 'cutting-edge technology in Europe, efficient supply chain in China, and global full-market coverage' golden link, establishing a brand-new development paradigm for the industry.