While Coty is finding success with retail cosmetics sales in China––all companies are expected to total $7.4 billion in 2021, according to an article from seekingalpha.com––the company is citing growth in the Chinese millennial market as an “added bonus.”
The article explains…
- While Chinese women have not used foundation, mascara or eye shadow much in the past, Chinese millennials have no issue using cosmetic products such as these.
- A major catalyst for growth in the Chinese market has been social media and cosmetics tutorials, this has proven to be influential in the purchasing of the industry’s most expensive brands.
- The market leader in the region is L’Oréal followed by EL.
Coty explains that while they are not the leader in the Chinese cosmetics market, they see it as a growth opportunity and will join many cosmetics brands targeting young Chinese consumers.
For the full article please visit www.seekingalpha.com