Vipshop acquires second cosmetics brand in as many weeks

- Last updated on GMT

Vipshop acquires second cosmetics brand in as many weeks

Related tags: Cosmetics, China

Vipshop, a prominent online discount retailer in China, has acquired a minority interest in Ovation, its second cosmetics brand purchase in as many weeks.

The retailer has acquired a 23% equity interest in Ovation, which develops cosmetic products, for approximately US $55.8 million.

The move is another step forward in the Chinese flash sales site’s move into the cosmetics sector, following its recent acquisition of beauty e-retailer, Lefeng.

With Ovation as a strategic partner, we are well positioned to expand full-force into the booming cosmetics segment in China and fortify our competitive advantages, as we capitalize on our synergies to build out this sophisticated and comprehensive cosmetics offering​,” the brand stated.

Vipshop’s move into cosmetics looks to capitalize on increasing consumer focus on e-commerce in the region, and suggests China may be turning away from the market’s traditional mainstay, premium brands, toward lower priced beauty.

Related topics: Business & Financial

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