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Beauty Brands Benefit From Consumption Upgrade in China

SHANGHAI — Leaders of some of the top beauty and FMCG brands in Alibaba’s multifaceted ecosystem of platforms, stores, innovation labs and more met here Monday for the Tmall Beauty Summit 2019. The world’s second tallest building, the Shanghai Tower, played host to the event and epitomized the dizzying heights that the innovative online beauty sector has reached in China.
Sales of beauty products on Alibaba’s Tmall increased by over 60 percent last year, exceeding the industry’s average growth rate, according to a report released by Tmall and market research firm Kantar during the summit. The report showed that online sales of cosmetics and personal care products grew by 37 percent and 36 percent, respectively, in China for the previous year. These two categories came in ahead of the FMCG sector’s 32 percent average.
Alibaba revealed at the summit that it predicts international and domestic cosmetics brands will open 1,000 shops on Tmall this year alone. Alibaba also said that seven international cosmetics companies have signed agreements to open flagships on Tmall this year, including Tom Ford, Korean brand Primera, and Swedish brand Barnängen.
Tmall is positioning itself as the “platform of choice” for international beauty brands looking to enter China and immediately

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Via:: https://wwd.com/beauty-industry-news/beauty-features/beauty-brands-benefit-from-consumption-upgrade-in-china-1203075130/