Wen 丨 Zheng Qiyan
Under the wave of domestic products, the rise of domestic products is beyond doubt, before the perfect diary parent company Yixian E-commerce to the United States to list the "first share of China Beauty Group", Bethany landed on the A-share market as the "first share of cosmeceuticals".
On October 21, Mao Geping Cosmetics Co., Ltd. (IPO58654, referred to as "Mao Geping") made its debut, which lasted five years and finally embarked on the last step of the IPO, which also means that the A-share market will usher in the "first share of makeup artist makeup".
"You can not know me, but you can not not know Mao Geping", "lipstick brother" Li Jiaqi shouted like this in the live broadcast room, the beauty brand that was built by personal IP, naturally there is no lack of traffic, but subsequently, the product research and development ability of "Mao Geping" has been repeatedly criticized.
According to the prospectus, from 2014 to the first half of 2017, Mao Geping's research and development expenses were 2.4469 million yuan, 3.0511 million yuan, 3.4227 million yuan and 1.5717 million yuan, accounting for 0.88%, 0.95%, 1.00% and 0.78% of the revenue in the same period, respectively. Therefore, Mao Geping brought fire to himself, can he continue to bring fire to "Mao Geping"?
Mao Geping positioned himself as a mid-to-high-end brand
Established in 2000 has a history of 21 years, in the eyes of makeup artists, Mao Geping like a god-like existence, in recent years, the rise of personal IP boom, makeup master Mao Geping riding the wind, will be his brand successfully hitched a ride on the national tide.
Mao Geping mainly owns MGPIN Mao Geping and LOVE FOR KEEPS Love Lifelong two major professional makeup brands and Mao Geping Professional Image Design Art School. Without exception, whether it is a beauty product or a school, the so-called "Mao Geping" brand is based on Mao Geping's own natural makeup skills.
In the official flagship store, compared with its hundreds of products, monthly sales of more than 10,000 are few, which is still the result of the Dongfeng of Double Eleven, but the horizontal comparison with international beauty brands is eclipsed.
The highest sales of Estée Lauder, Lancome and other products with high-end positioning are as high as 20w+. The reason is because Mao Geping brand building success is not high, in the face of international brands, its core competitiveness in addition to the product itself, brand value, customer stickiness and other soft power can not be underestimated, want to make a Chinese cosmetics that can compete with it, just to penetrate the "Oriental beauty" packaging and makeup of the "Oriental Woman" is naturally far from enough.
However, although Mao Geping lost in sales, he was indeed far ahead in gross profit margin. From 2014 to the first half of 2017, Mao Geping's comprehensive gross profit margin was 81.50%, 79.70%, 78.22% and 78.88%, respectively, directly exceeding international brands such as L'Oréal and Shiseido, and it should be known that L'Occitane, which has always had a high gross profit, is only 83.32%.
It is worth noting that although Mao Geping uses his own traffic to create momentum for his brand, Volkswagen obviously does not buy it. In terms of user experience, Yishui's "Am I worse than Mao Geping makeup money?" As we all know, the reason why Mao Geping is sought after by the public is because of its "head changing" prestige, when those who try to rely on the same product as Mao Geping, full of joy to buy the product after using the difference between the buyer show and the seller show, it becomes more rational and objective.
Positioning in the high-end brand, only the price went up, product services but stagnated, trying to rely on personal IP to cut a wave of leeks the era has long passed, like Mao Geping, relying on KOL marketing products are not in the minority, MAC, Huaxizi, half an acre of flower fields, oranges and other bound KOLs to achieve traffic conversion, in the final analysis, must be implemented to the product.
The core competitiveness of local brand products is not strong, and Mao Geping is also aware of it
"There is no natural big brand, there is no natural brand, only to create the ultimate professionalism and quality is the real big brand, famous brand" this sentence is Mao Geping's idea of how to build an oriental aesthetic beauty brand, but is this really the case?
If Mao Geping products are only an OEM bias, then as its prospectus says, the main formulas of the company's products are from suppliers, but the company does not directly use its ready-made formulas, but according to the company's product development concept to improve the product effect requirements, by the supplier to improve the formula after putting into production.
The company did not build its own production facilities, and the production process mainly relied on outsourced processing, which directly led to the limitation of the core driving force of the product. In particular, the "improved formulation" of the product means that there are no patented ingredients, and where does the competitiveness come from?
Zhongzhong New Consumption learned from a material-related practitioner that in the cosmetics industry, the product premium is serious, and there will be a foundry, but the formula must be the core element of a product, and the patented ingredient is also one of the important factors for the company to maintain user stickiness.
With the government and consumers paying more and more attention to the quality and safety of cosmetics, the supervision of cosmetics quality in China also tends to be strict. The new version of the "Cosmetics Hygiene Code" makes strict provisions on the raw materials and testing methods used in cosmetics; The State Food and Drug Administration has also issued the Notice of the State Food and Drug Administration on Doing a Good Job in the Work Related to the Production License of Cosmetics, requiring cosmetics manufacturers that originally held the "National Industrial Product Production License" and the "Hygiene License for Cosmetics Production Enterprises" to obtain a new version of the "Cosmetics Production License", otherwise they will not be able to continue production.
At the same time, the prospectus mentions that compared with the world's well-known foreign makeup brands, local cosmetics companies are insufficient in terms of brand awareness, brand operation experience and technological innovation capabilities, etc., with relatively little investment in research and development, and lack of product brand awareness, especially in the competition in the field of high-end products, which is in a relatively inferior position.
In the future, local makeup brands still need to increase investment in product research and development, brand establishment, consumer cultivation, etc., in order to form the core competitiveness of enterprises and improve their market position.
The 512 million yuan raised in the IPO will be used to invest in channel construction projects, R&D center construction projects, image design training institution construction projects and supplementary working capital.
Zhongnan University of Economics and Law Digital Economy Research Institute Executive Dean, Tencent Securities Research Institute special author Pan Helin believes that Mao Geping shares have a certain brand reputation, brand tone is also relatively high-end, image maintenance is better, the current domestic beauty field competitors, but with high-end brand tonal beauty brands are still relatively few, with the funds raised in place, Mao Geping shares should quickly promote the construction and landing of research and development centers, improve market competitiveness.
At present, the homogenization of domestic cosmetics brands is more serious, how to have core technology and create differentiated products is a problem that the domestic beauty industry should think about.