Shiseido completed the transfer of its personal care business to CVC Capital Partners. A joint venture is now operational. As previously reported, Shiseido agreed to sell its personal care business to CVC for $1.5 billion. According to Shiseido, Japan's largest beauty company, the deal with CVC enables it to focus on its global prestige beauty business. Shiseido's personal care business operates primarily in Asia. The personal care business had sales of 160 billion yen or more than $1.4 billion.

With the deal complete, the new business is called Fine Today Shiseido and its shares shifted to the Oriental Beauty Holding Co. Ltd. (OBH), which is financed by funds advised by CVC. A joint venture, called KK Asian Personal Care Holding, the parent company of OBH, has been established. Shiseido, with a 35% stake, is to act as a shareholder of that company, which will operate its former personal care business.

CVC is to run KK Asian Personal Care Holding, which could go public.