The CEO of the Estée Lauder Companies has underlined his strong conviction in China’s beauty market despite a recent dip in performance and fears related to an economic recession.
This quarter, net sales declined for Asia Pacific, due primarily to the resurgence of COVID-19 in China, which resulted in reduced retail traffic, travel restrictions, and stresses on its logistics facilities in Shanghai.
Fabrizio Freda, president, CEO and director of The Estée Lauder Companies, said there was “no doubt” that the current limitations in China were temporary.
“Looking ahead, we are confident in the resilience of the Chinese consumers and the untapped opportunity driving our investments in the market.”
A Singapore firm that has created wet wipes from durian husks hopes its product differentiation can propel it to success in the Middle East and China, as well as in South East Asia.
Its latest offering is a unique wet wipe made of specific parts extracted from ground durian husk. The soaking agent is made with the firm’s proprietary Vi Kang 99 technology that can inactivate up to 99% of viruses and bacteria.
The firm’s formulation could reduce carbon emissions by around 300 metric tonnes or equivalent to 60,000 houses’ worth of electricity annually.
Chinese cosmetics company Florasis is assessing opportunities in the US, Japan and South East Asia as it embarks on its mission to become a global beauty brand.
Last year, Florasis took on a new challenge by expanding its presence internationally. The brand quietly launched in the US, Japan, Taiwan and South East Asia.
“The number one goal this year is to understand the markets and figure out what’s the best marketing strategy and what’s the best product selection for each market,” Chloe Kou, international public relations, Florasis.
Estonian beauty technology firm Haut.AI is aiming to expand its AI skin analysis tool in the Asian region, particularly in China, South Korea and Indonesia.
This year, the company is focused on expanding its presence in Asia, which it believes has the quickest path to growth.
The company already has a few clients in China, where it is hoping to expand. In addition, it is particularly interested in developing its business in South Korea and Indonesia.
The firm’s technology can be integrated with commonly used platforms in Asia including, Line, Kakao Talk and WeChat.
Hong Kong beauty retailer Sa Sa International says it lost approximately 480 business days over the fifth wave of the pandemic as COVID-19 infections among staff members forced it to shutter its stores.
Social distancing measures impacted retail traffic, causing sales growth slow to 9.4% in the fourth quarter from 14.3% in the third quarter. Compared to FY2019, total turnover decreased by 70.6% and 4.7% on a year-on-year basis.
These measures spurred its online business in Hong Kong, and the firm recorded a fourfold year-on-year sales increase on its Hong Kong websites.