![]() Through the Eve Lom marriage, the company hopes to “enrich our global brand-building capabilities and product offerings,” said Jinfeng Huang, founder and CEO of Yatsen in the announcement. by Han Wang Digital Society Medium 500 Apologies, but something went wrong on our end. Yatsen has been on the hunt for potential acquisitions to diversify its product portfolio, as it noted in its prospectus. Perfect Diary: The cosmetic brand thrives on social medias. Growth has skyrocketed at Yatsen since its. The company recorded a net loss of 1.16 billion yuan ($170 million) in the nine months ended September 2020, compared to a net income of 29.1 million yuan in the year before. The strategies have allowed Perfect Diary to offer affordable prices without compromising quality, and earn it the moniker, Xiaomi for cosmetics. Its gross sales more than quadrupled to 3.5 billion yuan ($540 million) in 2019 from 2018, thanks to an effective e-commerce strategy. Growth has skyrocketed at Yatsen since its founding. The strategies have allowed Perfect Diary to offer affordable prices without compromising quality, and earn it the moniker, “Xiaomi for cosmetics.” It took advantage of its vicinity to China’s abundant cosmetics and packaging suppliers, many of whom also work with top international brands. Perfect Diary rose to prominence in China by partnering with influencers who reviewed the brand’s lipsticks, eyeshadow palettes, foundation and other products on Chinese social commerce platforms like Xiaohongshu. The size of the deal wasn’t disclosed, but Bloomberg reported in February that Manzanita was looking to sell Eve Lom for as much as $200 million. The deal is expected to close within the next few weeks and Manzanita will retain a minority stake in the business and serve as a strategic partner. On Wednesday, Yatsen, named after the father of modern China, Sun Yat-sen, announced it has entered into a definitive agreement to acquire Eve Lom, which is known for its cleanser. In the partnership, Dada's on-demand retail platform, JDDJ and Perfect Diary collaborate deeply in products management, digital marketing, targeted user operations, and order fulfillment. ![]() Now the company is plotting another big move as it sets out to buy Eve Lom, a 35-year-old skincare brand owned by British private equity firm Manzanita Capital. Its flagship brand Perfect Diary consistently ranks among the top makeup brands by online sales next to giants like L’Oréal and Shiseido. Let everyone be free to choose beauty, easy to achieve beauty, so as to discover the infinite. Our brands vision is to be the creator and leader of a new future of beauty. Yatsen impressed the capital market with a $617 million initial public offering on NYSE in November. Perfect Diary focuses on the exploration, reconstruction and expression of beauty, providing everyone with a beauty experience that is within reach and beyond expectations. One of the rising stars is the direct-to-consumer brand Perfect Diary, which is owned by five-year-old startup Yatsen. In China’s cosmetics world, where foreign brands were historically revered, indigenous startups are increasingly winning over Gen Z consumers with cheaper, more localized options.
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