Private equity firm CVC Capital Partners is preparing to sell Japanese personal care company FineToday after plans for an initial public offering were dropped, according to sources familiar with the matter.

FineToday, which owns brands including Shiseido’s former haircare and personal care labels such as Tsubaki and Senka, was carved out from Shiseido and acquired by CVC in 2021. The company had been considered for a Tokyo listing, but challenging market conditions led to the IPO being put on hold.

Sources say CVC is now sounding out potential buyers, with interest expected from both strategic players and other private equity firms. The sale process is still at an early stage, and no final decision has been made.

FineToday operates mainly in Japan and other Asian markets, where demand for mass-market haircare and skincare products has remained competitive. Any potential sale would come amid renewed dealmaking activity in Japan, as investors seek resilient consumer brands despite global economic uncertainty.