Makeup Artist Mao Geping Becomes Billionaire After Company's Hot IPO [Forbes]
Estee Lauder Companies, Inc. (The) (EL)
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Source: Forbes
Mao Geping, the 60-year-old makeup artist, has become a billionaire thanks to a successful listing of his eponymous cosmetics brand in Hong Kong, with shares rising as much as 87% from its initial public offering price on the first day of trading. The entrepreneur, who founded Mao Geping Cosmetics Co. in 2000, now has a net worth of $1.6 billion based on a company stake owned by himself and his wife, according to Forbes estimates. Headquartered in the scenic city of Hangzhou, Mao Geping Cosmetics raised HK$2.3 billion ($301 million) by pricing 78.4 million shares at HK$29.80 apiece, the top end of a previously indicated range. Retail investors were keen on the premium cosmetics brand, which is seen as having advantages over international companies such as Estée Lauder and L'Oreal in product design and thanks to the Guo Chao trend. That term refers to Chinese consumers' increasing preference for local brands and their aesthetics compared to foreign ones, as they come to believe th
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- 12/17/24 - Form 4
- 12/17/24 - Form 4
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