![]() 11 online shopping festival and other events. Shares of Yatsen Holding Limited, the parent company of Guangzhou-based beauty unicorn Perfect Diary, soared 66 in their market debut on Thursday, after it raised about 617 million in its. ![]() ![]() Online cosmetic sales in China are usually much bigger in the second half of the year due to the Nov. Investors expect the company’s sales to have a big bump later this year. Perfect Diary has what you need to create any look foundation, concealers and highlighters to create a perfect canvas, eyeshadow, brow pencil and eyeliner for any eye look and lip products, from matte lipstick to natural lip balm. Online sales actually grew between 20% to 30%, the consultancy said, especially for eye makeup.įurthermore, the company’s volume of sales in the first half of this year increased 70% compared to the first half of 2019. The Guangzhou-based startup is leveraging Chinese social networks such as WeChat and ByteDance’s Douyin video app, as well as e-commerce platforms such as Alibaba’s Tmall, to mount a challenge against more established foreign rivals such as Chanel or Estee Lauder.Ĭhina’s cosmetics sales fell 80% in February at the height of lockdown, but by March the year-on-year decline was only 20%, according to McKinsey. Perfect Diary is part of a trend of China’s homegrown consumer brands looking to displace traditional retailers and foreign brands. Meanwhile, richer and younger Chinese consumers are shifting their spending away from foreign brands in several categories including cosmetics, according to a report by online retailer JD.com. Domestic brands such as Perfect Diary “flourished during the pandemic, releasing low cost, high value, viral products driven by social media in the middle of the lockdown,” the report said. Research consultancy Gartner said in a June report that Chinese consumers have become more nationalistic and health conscious since the outbreak of Covid-19. Behind the brilliance, the success of Perfect Diary is suggestive of a canny ability to seize fast-moving opportunities. Historically, foreign cosmetics brands took a larger market share, however as of 2020, Chinese domestic cosmetic brands. With an increasing income and the growth of related industries like e-commerce, the cosmetics industry is gaining incredibly momentum. With China emerging as one of the largest economies to begin recovering from the coronavirus pandemic, global brands are relying even more on Chinese consumers to prop up sales. Perfect Diary is, for sure, a superstar in the current Chinese beauty market with more than 20 million followers online, it has succeeded in becoming the cosmetics brand with the most followers. The rise of Chinese makeup brands: Florasis, Little Dream Garden, WIS, and Perfect Diary. ![]() The company declined to comment.Ĭompetition is getting fierce in China’s cosmetics market. The talks are ongoing and have not been finalized and details may still change, but if successful, the investment would double the startup’s valuation to $4 billion from $2 billion. Perfect Diary, the Chinese online makeup brand, is in talks to raise between $100 million and $200 million from potential investors, including Warburg Pincus, TPG Capital and Blackstone Group, as well as existing investors such as Hopu Management Investments and Boyu Capital. ![]()
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