The Chinese beauty market is experiencing rapid growth, with sales in beauty and personal care projected to be worth almost $62 billion by 2020, according to a Euromonitor report. The development represents an opportunity for brands and retailers to meet the needs of this fast-growing demographic of consumers in order to increase exposure and drive global profits. But, to achieve strong performance in this burgeoning market, it’s critical to understand the nuances of Asian beauty consumers and the trends driving growth. To give brands a competitive advantage, CEW will host How to Win in China’s Beauty Market on Wednesday, April 24 at The Union League Club in midtown Manhattan, offering a unique opportunity to hear from highly influential leaders in China’s rising beauty industry. Key insights will be discussed, including:
Skin care is a hot category for Asian consumers over the age of 35. Not surprisingly, China has been a key strategy behind P&G’s positioning of Olay as a global leader in the skin care category. Olay’s China business has grown double digits for seven consecutive quarters – a year-and-a-half of double-digit growth in one of the world’s most contested skin care markets. At the event, Freddy Bharucha, Vice President North America & Global Personal Care, P&G, will share the brand’s unique strategy, as well as the different approaches the brand makes to be relevant and present with its Asian consumers.
Chinese consumers are open to spending additional dollars on beauty products to benefit from better quality and innovation. Utilizing the principals of traditional Chinese medicine, luxury brand, Wei Beauty, has experienced success in the market and is currently the leading skin care brand in Sephora China. The brand’s founder Wei Brian will share insights into the prestige beauty market and purchase decision-making points of China’s luxury beauty consumer.
Having strong social media and e-commerce is key for market penetration. Of China’s 802 million internet users, 788 million access the web via mobile devices such as smartphones, according to the China Internet Network Information Center. As a result, the country generates the biggest mobile app sales in the world. Therefore, understanding the most important social platforms and apps for beauty brands launching in the Chinese market is critical to a brand’s success. “In the U.S. our consumers check out our rave reviews on Sephora and Amazon, and in China they rely on their WeChat groups or Little Red Book,” notes Kristy Watson, Chief Marketing Officer, Erno Laszlo, who will be speaking at the event.
Chinese consumers enjoy browsing on Tmall, but also shop leisurely at malls and stores where they expect to be entertained. Leading the way for overseas brands and retailers to reach Chinese consumers is Alibaba’s Tmall Global, which recently announced new initiatives aimed at helping brands and retailers of all sizes manage their entry into China to reach and engage with consumers. Seven international cosmetics companies, including Tom Ford Beauty; Glamglow; P&G’s new beauty line, Oriental Therapy; Japan’s Cosme and d-program; Primera from Korea and Barnängen from Sweden have already signed agreements to open flagship stores on Tmall in 2019. Jackie Lee, Head of Beauty, Personal Care (N.A.), Alibaba Group/ Tmall Global, will highlight how Alibaba and Tmall can not only be a sales channel, but also a branding powerhouse that is fundamental for brands and retailers to shape their overall strategies for the China market.
Click here to register to attend the event to hear more insights. A Cocktails & Networking reception kicks off at 5:30 p.m., followed by the program at 6:30 p.m., which includes a 10-minute data and intel presentation from Beautystreams’ Founder/CEO, Lan Vu, followed by a discussion moderated by WWD’s Jenny B. Fine.