In a beauty market that is consolidating at high speed, packaging players are no exception to the rule. By acquiring Asquan Group, French specialist Cosmogen is taking a decisive step: the one that turns a niche company into an international group capable of supporting the world’s largest beauty houses across all their packaging needs.
Analysis by the experts at Auris Finance, an advisory firm specialising in mergers, acquisitions and financial engineering.
Announced on 5 May 2026, the transaction covers 100% of Asquan Group, a beauty packaging supplier based in Hong Kong. The two companies are joining forces to create Cosmogen&Asquan Group, with the ambition of supporting brands, both established and emerging, across the full range of their packaging needs.
This deal is the first concrete step in the strategy unveiled in late 2024, when Weinberg Capital Partners took a stake in Cosmogen with an explicit goal of external growth in the premium packaging market. As Priscille Allais, CEO of Cosmogen&Asquan Group, put it: “In a consolidating beauty market, it was essential to evolve. The acquisition of Asquan was self-evident, given how strongly our two companies complement each other.“
An acquisition driven by complementarity
The new entity brings together nearly 80 employees and consolidates revenue of 50 million dollars, with a presence in Europe, the United States, Asia and the Middle East. Its client portfolio notably includes LVMH, L’Oréal, Clarins, Caudalie, Puig and Shiseido.
What sets this transaction apart is the limited overlap between the two entities. The companies address distinct market segments, different geographies and customer bases that barely overlap. Around 50% of Cosmogen’s revenue is generated in France, while 50% of Asquan’s business comes from the United States, leaving considerable room for development in both markets. The group is also targeting the Middle East, identified as a region with strong growth potential.
A model centred on innovation rather than production
The two companies share the same strategic stance: not owning their own industrial facilities, in order to stay focused on what truly creates value, namely product development and innovation. Priscille Allais explains it clearly: “We obviously considered bringing manufacturing in-house. But we prefer to remain focused on our expertise: development and innovation.“
This choice enables a group of 80 people to serve clients the size of LVMH or L’Oréal with the agility of an independent structure. Henri Tinchant, now chief operating officer of the group, sums up the ambition: “The scale we are reaching today is a structuring lever: it strengthens our industrial footprint, consolidates our expertise and broadens our range of solutions. This momentum benefits our clients first and foremost, and amplifies what has always been our strength.”
A consolidating cosmetic packaging market
The global cosmetic packaging market was worth more than 45 billion dollars in 2025 and is expected to reach 69 billion dollars by 2035, with annual growth of around 4.3%. In the premium segment, the momentum is even stronger. Premium brands have recorded growth of more than 40% over the past five years, driven by consumers trading up and by rising environmental expectations: more than 60% of European consumers now favour sustainable packaging.
This twin trend creates a structural premium for players able to offer innovation, quality and responsible solutions all at once. That is precisely the positioning Cosmogen&Asquan Group is targeting. Further acquisitions may well be on the agenda, as the group clearly positions itself as a consolidator in its market.
Our experts by your side
Auris Finance supports executives in their mergers, acquisitions and corporate finance transactions.
Are you considering an acquisition, a disposal or a corporate finance transaction in the retail sector? Our teams are at your disposal to support you.
