Chinese beauty consumers are zeroing in on the efficacy and functionality of luxury skin care products in the wake of repeated lockdowns and the threat of unemployment.
Repeated lockdowns and higher unemployment rates have left a lot of uncertainty hanging over Chinese consumers.
This is pushing them to restrain consumption and refocus on saving.
American multinational Coty has reported double-digit growth globally for its skin care brand Lancaster thanks to its successful expansion in China.
Lancaster has been especially successful in China, where it first launched on Hainan Island before rolling out in the wider market.
According to Coty, the momentum Lancaster generated in Hainan and the wider China market fuelled its double-digit growth in its 2022 fiscal year.
Japanese retail and media conglomerate istyle Inc is aiming to boost the fortunes of Japanese beauty brands in China with a new @cosme duty-free store at the new Haikou International Duty Free City.
According to istyle, beauty brands will be able to import the products directly to the @cosme store, thus by-passing the need for certification from the National Medical Products Administration, China’s food and drug regulator.
This project would allow Japanese cosmetic brands to enter Hainan at a significantly lower risk.
Hainan Island’s reputation as the “go-to beauty destination” makes it the ideal place to introduce Takami, the newest “jewel” in L’Oréal’s high-end skin care portfolio, claims the firm.
The brand has enjoyed a cult appeal across Asia with its iconic Skin Peel Pre-Serum, also known as the Little Blue Bottle, especially in China.
It is set to make its duty-free debut in 2023 on Hainan Island, the prime holiday destination in China.
Chinese cosmetics company Yatsen Holdings will close more underperforming Perfect Diary brick-and-mortar stores considering the worsening retail environment in China.
Since the start of the year, Yatsen had shuttered 58 Perfect Diary stores. As of June 2022, the company still operated a total of 228 brick-and-mortar stores.
Speaking during the firm’s second-quarter earnings conference on August 25, Huang Jinfeng said the firm was not done closing down more Perfect Diary outlets.