Shiseido has agreed to sell bareMinerals, Laura Mercier and Buxom to Advent, a private equity firm.

Advent will purchase the three cosmetics brands for $700 million; that's well-below the $2.1 billion that Shiseido paid for them in 2010 and 2016. It's all part of Shiseido's strategy to focus on high-end cosmetics, especially in Asia. During the past year, Shiseido also sold its personal care business to CVC, a Luxembourg-based PE firm. In that span, Shiseido also ended its licensing agreement with Dolce & Gabanna.

The sale of several color cosmetics business to Advent follows news that Shiseido's operating loss in North America tripled to more than $200 million last year, while revenue fell 24%,

This sale closes the door on an acquisition that's had analysts scratching their heads for years. In 2010, Shiseido paid $1.9 billion for Bare Escentuals and Buxom. The company had a difficult time integrating the brands into its overall strategy. Despite the sale, Shiseido still sells Drunk Elephant and Nars in the US.