In previous years in beauty, makeup has been the superstar in China’s new consumption patterns, seeing waves of upgrades, brand segmentation, new retail transformation and the rise of Chinese products.
But this year, Chinese beauty companies accustomed to relying on ODM cosmetics saw a dramatic plunge in orders due to weakening demand. Many manufacturers have claimed that “survival is the priority.”
By reviewing the recent major industry events, is it possible to find some indication of the future of the fashion industry in the world’s second-largest economy with 1.4 billion consumers? Are there any signs of stable growth and recovery?At the beginning of November, the fifth CIIE attracted 145 countries, regions and international organizations and 46,100 visitors. The intended turnover of this year’s CIIE was $73.52 billion, an increase of 3.
Still, the country is too important of a market to ignore and this year, China’s official “invitation” to the world with the CIIE received positive responses from global fashion and beauty giants. LVMH, Kering, Richemont, Tapestry, Fast Retailing, Inditex, Nike, L’Oréal, Shiseido, P&G and other fashion groups were all present.
Last month, Chinese high-end beauty group Ushopal acquired British luxury care brand Argentum, while this month Baozun acquired Gap’s Greater China business. The fashion industry, especially listed companies, has been witnessing a range of acquisitions as the end of the year approaches. The acceleration of Chinese companies’ acquisition of foreign brands’ businesses in China shows their confidence in the country’s domestic demand.
The acquisition of foreign brands by Chinese companies, which have explored successful models in their existing businesses, is aimed at achieving revenue growth by combining core competencies through acquisitions/M&A. This seeking of a second growth curve is considered a positive move to open up the territory in the current market.Unlike in past years, this year’s Double Eleven Shopping Festival did not release the total gross merchandise value of major e-commerce giants.
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