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In March 2017, Yatsen Global launched its first cosmetic brand, Perfect Diary, offering make-up and skincare products primarily in the color cosmetics segment, mostly targeting Generation Z consumers. The brand's portfolio includes more than 700 stock-keeping units in lip products, eye make-up, facial make-up, and make-up kits, which are sold through e-commerce sites and 40 physical stores.
Established in 2016, Perfect Diary quickly rose through the ranks to become one of the top Chinese beauty (C-beauty) companies within a short timespan. The company is valued at $2bn, and received funding of $100m in 2020. The brand has been placed in sixth place on the Hurun Greater China Unicorn Index 2019 Q3 list of the most dynamic businesses.
- Perfect Diary developed personalized products targeting Generation Z customers by leveraging digital media.
- Personalization is proving to be a dominant trend among new-generation customers.
- Targeting customers with high quality content and one-on-one engagement helped Perfect Diary.
- The growing localism trend and trust in C-beauty brands is abetting the growth of domestic cosmetics companies.
- Beauty companies need an agile digital and mobile strategy to succeed in the Chinese market.
Reasons to Buy
- Understand the relevant consumer trends and attitudes that drive and support innovation success so you can tap into what is really impacting the industry.
- Gain a broader appreciation of the fast-moving consumer goods industry by gaining insights from both within and outside of your sector.
- Access valuable strategic take-outs to help direct future decision-making and inform new product development.
Table of Contents
A selection of companies mentioned in this report includes:
- Perfect Diary
- Discovery and National Geographic
- Little Red Book