Yatsen is the Chinese cosmetics company behind C-beauty brand Perfect Diary. It announced on March 10 that revenue for its colour cosmetics division fell by 2.3% in 2021 after experiencing sluggish demand in the second half of the year.
“The colour cosmetics market decelerated in 2020 and then experienced low growth in the second half of 2021. Competition also intensified among domestic and global players,” said Huang Jinfeng, the founder, chairman and CEO of Yatsen.
He noted that the colour cosmetics category has experienced several years of fast growth already and now the market moving towards more sustainable, yet lower growth rates.
Furthermore, the impact of the COVID-19 pandemic was still being felt in the make-up category.
“First, the COVID impact is lasting till now. Consumers are wearing masks, so we see the lip category is not growing as fast as before.”
The softening of demand is further aggravated by the increasingly competitive landscape, which has also impacted the rate of new make-up brands in the market.
“We also don’t see many new brands emerging in this category and this will also have some negative influence on the consumer demand for buying make-up.”
Despite the downsides, Huang emphasised that China’s colour cosmetics market still holds potential as he expects market penetration to continue growing.
He also highlighted that the lip category will potentially return with a boom as the COVID-19 pandemic eventually ends.
“There is also some upgrade trend for the make-up market as well. So, all of those contributors will make this market to grow at a more sustainable growth rate.
"make up" - Google News
March 23, 2022 at 08:12AM
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China's make-up boom over? Market headed for slow yet sustainable growth – Yatsen CEO - CosmeticsDesign-Asia.com
"make up" - Google News
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