Yatsen showcases beautiful gains at CIIE
Chinese beauty group Yatsen Holding brings its latest achievements in global expansion and research and development to the fourth China International Import Expo, demonstrating Chinese enterprises' competence and responsibility to the world.
Products from skincare brands Galenic and EVE LOM, which are favored by customers around the globe, have been catching the eye of visitors at the CIIE.
Galenic is a premium French skincare brand that was introduced in France and other European markets in the late 1970s by Pierre Fabre, a renowned and gifted French pharmacist who invented and expanded the dermocosmetic category worldwide. Over time, Galenic has acquired iconic status in France through selective distribution to high-end pharmacies and continued breakthroughs in cosmetics. The brand was acquired by Yatsen on Oct 30, 2020.
Founded in 1985, EVE LOM is one of the best performing skincare brands famed for its profound brand heritage and unique formulas that combine luxury with high-performance results. The brand has developed an incredibly loyal following driven by its top products such as the EVE LOM Cleanser. Earlier this year, Yatsen has acquired EVE LOM for a richer portfolio.
These acquisitions heralded an exciting chapter in Yatsen's story of expanding its global footprint, according to the company.
Huang Jinfeng, founder and CEO of Yatsen, said: "Bringing the world's outstanding high-end skincare brands and products to Chinese consumers can expand our reach in the high-end market and move toward having multiple brands and products that can be assigned to multiple categories."
Other than products, Yatsen is showcasing new technologies created by its R&D system Open Lab through collaborations with other renowned labs. In September, together with the Institute of Chemistry at the Chinese Academy of Sciences, the company succeeded in creating the SmartLOCK technology, used in translucent blurring loose powder.
By the end of June this year, Yatsen owned 84 patents worldwide. Of these, 37 are invention patents while others are being transferred. In the second quarter of this year, the company has poured about 35.2 million yuan ($5.5 million) into product development, taking up more than 2.3 percent of the total revenue in the second quarter. Yatsen's huge R&D spending is on par with international beauty giants, a company executive said.
On Nov 6, Yatsen signed cooperation agreements with Cosmax, Intercos Group and Shanghai Ruijin Hospital during the CIIE. This will lead to a stronger Open Lab and a greater capability to innovate and develop core technologies, a company executive said.
"We have a team that not only understands the Chinese market, but also has an international vision. We integrate international advanced technology into China's industrial chain to promote internal circulation and embrace the dual-circulation development pattern with abundant scientific research and industrial strength," Huang said.
"To date, the Chinese beauty industry is able to compete with its global counterparts in R&D capability."
Looking ahead, the company will seek world-leading partners to incorporate cutting-edge technologies into the world of beauty and develop more products tailored to customers' growing beauty needs.
"Yatsen keeps expanding its boundaries. We do not simply develop products in our own labs. We sell more products than just makeup. We investigate markets beyond China. Our brand is not just a domestic brand. We are committed to leading Chinese and global consumers to explore an exciting new path to beauty," Huang said.
