Blank me (半分一) was No.1 base makeup — then LVMH walked away and 105 lawsuits followed

Blank me (半分一) was founded in 2016 by Yang Boya, a former investment director at Decheng Capital. The brand focused entirely on base makeup (foundation, concealer, primer), positioning itself in the ¥250-450 mid-premium tier with a 'scientific base makeup' and 'skin optics' concept. Its first product launched in 2019, and in April 2021 a feature on Li Jiaqi's livestream drove explosive growth — by 2022 it was named to the Forbes China New Brands Top 100.

In November 2023 L Catterton, LVMH's private equity fund, invested in the company through its first RMB fund, taking a 10.18% stake as the third-largest shareholder. It was L Catterton's debut China deal — a stamp of approval that made blank me the hottest Chinese beauty startup on the market. But just three months later, in February 2024, L Catterton unilaterally terminated all investment agreements, citing 'dissatisfaction with business and financial due diligence results and undisclosed pending legal proceedings'. The statement was a death sentence for the brand's fundraising ability.

From 2024 the business unravelled rapidly. Social media accounts went silent — Weibo in December 2024, Xiaohongshu in March 2025, Douyin in April 2025. Suppliers and agencies filed lawsuits for unpaid bills. By early 2026 parent Shanghai Yongxi had 20 enforcement cases totalling ¥10M+ and 29 restriction orders against founder Yang Boya. There were 105 legal cases against it with claims over ¥30M. In June 2026 a supplier filed for bankruptcy. The brand that once owned China's base makeup category was fighting in court, not the market.