Founder buys back Tjoy brand

Four and a half years after selling it to French beauty company Coty Inc, Zhuang Wenyang, the man who founded Chinese skincare and cosmetic brand Tjoy in 1995, has bought it back.

Tjoy had been a local leader in face cleansing and men's skincare products, before falling growth led to its sale for 2.4 billion yuan ($376 million) in December 2010 to the Paris-based Coty - the company behind global brands including Calvin Klein, Chlo�� and Davidoff.

But within two years, the Chinese brand's revenue was down 50 percent year-on-year, prompting a major overhaul of its marketing and senior management teams.