42亿“打水漂”，网红美妆拖累投资人

Core Viewpoint - TPG Capital has significantly reduced its stake in Anastasia Beverly Hills (ABH) to approximately 6% as part of a debt restructuring process, indicating a reassessment of the brand's value in light of declining performance and market conditions [1][3]. Group 1: Company Overview - ABH was founded in 1997 by Anastasia Soare and initially gained fame through high-end eyebrow design services and the "golden ratio eyebrow shaping method" [6]. - The brand's annual sales once exceeded $300 million (approximately 2.1 billion RMB), with notable products like the "Renaissance" eyeshadow palette gaining popularity in the Chinese market [1][7]. - TPG Capital acquired about 38% of ABH in 2018, using a mixed financing structure that included debt taken on by ABH itself [1][3]. Group 2: Financial Performance - ABH's sales have declined significantly, with a reported 12% drop in net sales to $69.8 million (approximately 490 million RMB) in Q3 2023 [7]. - The company's debt rating was downgraded from CCC to D (default level) by S&P Global Ratings in August 2025 due to failure to meet debt obligations [3]. - TPG's investment of $600 million (approximately 4.23 billion RMB) in ABH has largely diminished in value due to the brand's financial struggles [3][7]. Group 3: Market Dynamics - The decline in ABH's performance reflects broader challenges in the beauty industry, particularly for celebrity-driven brands as social media influence wanes [11][15]. - The shift in consumer preferences towards more natural makeup looks has diminished the appeal of ABH's previously popular products [7][15]. - ABH's efforts to expand into the Chinese market have not yielded significant results compared to local competitors, with its high-end pricing strategy limiting its market penetration [10][11]. Group 4: Investment Implications - TPG's exit from ABH highlights the risks associated with high leverage and the sustainability of growth in the beauty sector, particularly for brands reliant on social media and celebrity endorsements [11][16]. - The changing investment landscape, with a focus on cash flow and debt structure, suggests that brands must adapt to maintain investor interest and ensure long-term viability [16][17].