The addition of a high-end homegrown C-beauty brand with a Gen Z following to its portfolio is precisely what L’Oréal needs to stay at the top of its game in the Asian market, says a leading market expert.
L’Oréal’s CEO has brushed off the hype surrounding the rise of China’s domestic beauty brands such as Perfect Diary, saying that while the competition is growing, he doesn’t see it as a threat.
German personal care multinational Beiersdorf believes China’s domestic beauty scene has global export potential, leading it to expand its NIVEA Accelerator program to help develop innovative beauty tech start-ups.
Smaller, local Chinese players are carving out a successful and competitive beauty category, developing highly social, online and value-for-money brands that connect well with younger consumers, says Mintel.
Korean beauty has captured the imagination of consumers and industry alike for years, but Japan and China – steeped in their heritage and ancient rituals – could steal the limelight this year, says Euromonitor International.
Chinese beauty brands have more hurdles to overcome before taking the global stage, despite the rising prominence of homegrown beauty brands, according to one expert.