BEIJING/HONG KONG (REUTERS) - 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.. Read more at straitstimes.com.
BEIJING/HONG KONG - 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. Perfect Diary's rise has been fuelled by blending low prices and social media platforms such as Douyin - TikTok for China - and WeChat, collecting customer data it can use to design and roll out new products rapidly, helped by charismatic influencers with huge online followings, such as"Lipstick King" Li Jiaqi.
"Gen Z is growing up in a prosperous China," said Ms Mei Xin, analyst at Huatai Securities."Unlike the older generation, they don't believe the moon in the West is rounder than in China." "Yatsen E-Commerce has always had a vision of creating a domestic beauty brand with true international influence," Mr Huang told Reuters.
Perfect Diary does not disclose financial performance or liabilities, nor say whether it is profitable.
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