The deal for 50 million shares comes six months after the firm paid about $58m for just over 150 million shares, representing a 15 per cent stake.
Both investments were made through Baring’s $2.46bn fifth fund, which it closed well above its $2bn target in February last year.
The fund targets growing mid-size companies across Asia in need of capital for expansion, recapitalisation or acquisitions.
Baring bought the Magic stake from Queenherb Enterprises, a wholly-owned subsidiary of Hua Han Bio-Pharmaceutical Holdings, which now owns just under five per cent of the company.
Magic makes a diversified range of female facial mask products distributed through more than 8,400 points of sale across China.
The company said it plans to further diversify its cosmetic and skincare range to cater for different skin types and consumer trends.
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