With chat groups, video streams and low prices for foundation, China's Perfect Diary has emerged from nowhere four years ago to become a cosmetics ...
BEIJING: With chat groups, video streams and low prices for foundation, China's Perfect Diary has emerged from nowhere four years ago to become a cosmetics giant for the digital age, trailing only L'Oreal and LVMH in the world's No. 2 market for make-up.
Though still a global minnow compared with powerhouse L'Oreal, Perfect Diary now has 4 per cent of the Chinese market for colour cosmetics, according to Euromonitor 2019 data. Yelling his catchphrase"All girls, buy it!", Li has given Perfect Diary products rave reviews in popular livestreams on giant e-commerce retailer Alibaba's Taobao platform.
A spokesperson for L'Oreal in China didn't immediately respond to a request for comment on the growth of homegrown brands, but said L'Oreal typically welcomes healthy competition.Founded by entrepreneur Huang Jinfeng's Yatsen E-Commerce firm in 2017 as an online, China-focused operation, the company now also has more than 150 stores in China - with a target of 200 this year - as well as international aspirations.
"We listen to users and we immediately carry out research on products they want," said Huang, citing the example of data gathered during the COVID-19 pandemic that resulted in a new pressed face powder.Perfect Diary currently uses contract manufacturers including Milan-headquartered Intercos, which has a factory in China that supplies L'Oreal and others. Since March it been building its own plant in Guangdong, due on line by end-2021.
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