German personal care conglomerate Beiersdorf has blamed the diagou situation in China and South Korea for La Prairie’s 9.9% sales decline in the first half (H1).
In the second quarter, the luxury skin care brand reported a decline of 7.5%.
“We recorded negative growth of 7.5% in the second quarter, and the primary reason lies in the significant disruptions of the diagou business in the Asian travel retail markets,” said Beiersdorf CEO Vincent Warnery.
Aveda believes that the interest in prestige beauty, green chemistry, and vegan products in Vietnam will stand it in good stead in the rapidly emerging South East Asian market.
The Estée Lauder-owned brand recently launched the brand in Vietnam across multiple channels, including brick-and-mortar retail, e-commerce, and the professional salon channel.
Its official launch was marked by an event held on August 15 which highlighted Aveda's capabilities in the professional salon setting.
First-generation K-beauty brands have navigated their way back to relevancy by banking on brand values, zeroing in on trends and playing on nostalgia.
Etude House, Nature Republic, Skinfood and Tony Moly are familiar names to any beauty aficionado. Over a decade ago, these brands were the hottest beauty brands in a market that was quickly becoming dominated by South Korean players.
These brands introduced us to the fun and innovation of K-beauty but had since been become lost among the wave of intense competition from new brands.
Kao Corporation’s intention to acquire Australian self-tanning and sun care brand Bondi Sands could prove to be a masterstroke amid inflationary woes and economic downturns, according to a market analyst.
Following a tumultuous 2022, the landscape of 2023 has been shrouded in uncertainty. Consumer confidence continued to experience significant fluctuations in the wake of the global pandemic.
In periods of turmoil, consumers are expected to cut back by bringing their self-care routines back into the comfort of their own homes.
Beauty major Coty says it recognises the vast potential to create fragranced products that can enhance various aspects of consumers' lives beyond traditional perfumes and colognes, says a top executive.
Over the last three years, the fragrance category has expanded significantly to include more home and lifestyle products, including scent candles, room sprays, and even scented jewellery.
The demand for these products has grown in correlation with the heightened appreciation of scent.