While Chromavis has previously focused on consolidating and boosting its European and US businesses, it is now targeting the Asian markets to further drive its growth.
“In the Asian market we are facing an amazing explosion of colour, especially in China where the lip segment currently plays a key role but all other product categories are blooming as well. This obviously represents a fantastic market environment for a make-up manufacturer,” said CEO Fabrizio Buscaini.
He added that the segment would continue to grow, especially in China where digital marketing and e-commerce is helping to drive sales.
‘In the upcoming years, local digital influencers will continue to play a fundamental role, just think of the importance they have today in China due to the weight of e-commerce where they act as true sales drivers.”
New joint venture
Today, Chromavis’ business in Asia accounts of 10% of the company’s global turnover but it plans to “significantly” strengthen its presence through a joint venture that it plans to announce in the next couple of months.
“Our goal is now to aggressively pursue the Asian market thanks to the joint venture with one of the biggest players in the production of colour cosmetics in Asia,” said Buscaini.
The new partnership will allow the company to supply its customers directly from Asia and assure proximity and speed to its customers.
“To successfully target the Asian market ensuring creativity and innovation, a local presence is needed. The joint venture for us is the best success-granting solution able to combine two expertise: on one side our innovation, creativity… on the other side quick time to market, knowledge of local production and culture, market awareness.”
Buscaini also believes there’s a strong interest in Italian-made colour cosmetics products that the company can tap on.
“Locally, there is a strong interest in made-in-Italy make-up and in the unique technological expertise and creativity that we can offer. These two elements certainly represent a great opportunity,” he said.
He added that there is particularly strong in interest among local Asian brands for Italian cosmetic production and expertise.
“Local brands are growing in number and weight and seem to be the most interested in having made-in-Italy makeup in order to gain their own share in the masstige market,” said Buscaini.
As part of the company plan to further its Asian ambitions, it will be exhibiting at Cosmoprof Asia in November, where it plans to showcase product offering that target the Asian market needs.
Buscaini concluded: “Cosmoprof Asia is the second most important exhibition after [Cosmoprof Worldwide Bologna] and features an international audience. Therefore, it has always held a key role in Chromavis exhibition plan to ensure a global coverage for the company,”