2022 Witnesses Chinese Black Friday Fever to Cool down, Leading Beauty Brands to Go Global, Like Flower Knows
HANGZHOU, China--(BUSINESS WIRE)--Dec 22, 2022--
The Double 12 Day (December 12th), is widely seen as the Chinese Black Friday and is supposed to be a big marketing day for most FMCG industries, especially Chinese beauty brands. However, after seeing this year‘s Double 12 performance, these beauty brands also encountered setbacks online and offline, partly due to the Covid lockdown impact. This has accelerated the process of Chinese beauty brands buckling down on global market expansion.
According to the 2022 Pan-Asian Beauty Industry Report, the global beauty market was worth $83.7 billion in 2021, and this figure is expected to rise to $107.6 billion by 2025. As indicated by the export volume of Chinese beauty products from the General Administration of Customs of the People’s Republic of China, from January to June 2022, China’s export volume of cosmetics and toiletries was 484,138 tons, with an export value of $2.531 billion. It is also not difficult to imagine that under the background of the fierce competition in the Chinese beauty market and the slowdown in the growth of the beauty industry, many Chinese beauty brands will go global.
The Chinese beauty brands win out in the overseas market with their unique weapons, such as high cost-effectiveness, trendy designs, mature offline distribution channels, or high-click social media contents. Among them, Flower Knows ( www.flowerknows.co ), a new cutting-edge brand set up after 2016, refuses to follow any trend but stands out by getting inspiration from fairy tales.
As its first trial, Flower Knows set foot in Japan in 2019. In 2021, its footprints expanded to the Southeast Asian market by running stores on platforms such as Shopee and Lazada. In mid-2022, Flower Knows initiated the DTC mode at the independent stations for the European and American markets, achieving a GMV of RMB 10 million that year. Flower Knows rises to the challenges brought by the huge differences in make-up preference, cultural openness, and affordability through more diversified services to different markets. Next, Flower Knows will continue to interpret the fairy world with young people’s favorite visual language. Recently, it launched the new rococo strawberry series that integrated the gorgeous sweetheart afternoon tea concept based on strawberry elements and the 18th century rococo art. European and American users would think of Louis XV paintings they have seen or French architecture they have visited when unpacking this series of cosmetics. In contrast, Asian consumers would be reminded of the magnificent art decorations in the movie The Last Empress.
View source version on businesswire.com:https://www.businesswire.com/news/home/20221218005072/en/
CONTACT: Fang Gongyiliu
KEYWORD: CHINA ASIA PACIFIC
INDUSTRY KEYWORD: COSMETICS RETAIL FASHION
SOURCE: Hangzhou Flower Knows Electronic Commerce co., Ltd
Copyright Business Wire 2022.
PUB: 12/22/2022 01:34 AM/DISC: 12/22/2022 01:34 AM