Chinanews.com, Shanghai News, April 19 (Xu Yin) Recently, the first Forbes China Beauty Brand Top 100 Awards Ceremony was held in Shanghai. Forbes China and Four Seasons Mulan jointly launched the "2024 Forbes China Top 100 Beauty Brands Selection". The event set up six lists for the pan-American industry and selected outstanding brands from multiple dimensions.
With the pursuit of people's quality of life and the improvement of aesthetic awareness, the market scale of the beauty industry continues to expand and show a vigorous growth trend. According to iiMedia Research, the market size of China's beauty salon industry will exceed 445.9 billion yuan in 2025. On the one hand, more and more enterprises and investors are choosing to enter the beauty market, which in turn leads to increasingly fierce competition within the beauty market - according to Meituan data, the number of active beauty and body merchants from January to August 2023 increased by 133% year-on-year, and increased by 202% compared with the same period in 2019;
On the other hand, as a core consumer group of beauty and body, young people aged 20-35 pay more attention to high-quality products, good reputation brands, excellent experience services and low-risk technology. At present, how to meet the growing needs and expectations of consumers and seize market opportunities has become a problem that many beauty companies and brands pay close attention to and think about.
Forbes China continues to focus on emerging industries and hopes to provide the market with the latest development trends, industry innovations, and corporate competitiveness in the beauty industry. The 2024 Forbes China Top 100 Beauty Brand Selection aims to identify enterprises and individuals who have made outstanding achievements in the beauty industry.
This selection refers to the opinions of the jury and online voting, so as to conduct a multi-faceted comprehensive investigation and evaluation of enterprises and individuals. There are five major dimensions in the selection, which are advanced, innovative, growth, scale and sustainability.
Advanced, mainly to examine whether the beauty brand has a leading edge in technology, products, services and other aspects.
Innovativeness mainly examines whether the beauty brand continues to innovate in terms of R&D investment, product services, and marketing strategies.
Growth, which mainly examines the growth rate and potential of beauty brands in the market, including the growth of sales, customers, market share and other indicators.
Scale: It mainly examines the scale of the beauty brand, including the number of stores, the size of employees, and the financing situation.
Sustainability: It mainly examines whether the beauty brand can maintain steady development in the highly competitive market environment, including customer repeat purchases, planning for the next 5-10 years, etc.
The following are the results of the "2024 Forbes China Beauty Industry Emerging Brand Selection":
1.QY THE MED SPA: A brand of Yi Biotechnology (Shanghai) Co., Ltd., founded in 2019, is committed to providing customers with scientific and rigorous long-term light medical aesthetic solutions.
2. Puxi Yunjing: A brand of Ningbo Beilun Riska Skinyan Medical Aesthetic Clinic Co., Ltd., founded in 2021, is committed to providing customers with relaxation SPA services for body, mind and soul.
3. Zefa: Founded in 2023, the beauty chain store brand of Modern Mantianxing (Suzhou) Brand Management Co., Ltd. is committed to providing users with professional and systematic scalp health solutions.
4. Washing cat: Nomirali (Shenzhen) Biotechnology Co., Ltd., founded in 2017, focuses on providing high-quality facial care services for the younger generation of consumer groups.
5. Tea Makeup: Founded in 2024, Tea Makeup (Quzhou) Trading Co., Ltd.'s fashion beauty collection store brand is committed to guiding users to truly enjoy beauty and life.
6. Liran: Founded in 2019, Shenzhen Liran Cosmetics Co., Ltd. is a comprehensive personal care brand for men, providing skin care products for men through a comprehensive combination of skin care, grooming, washing and care, and makeup.
Selection
From the perspective of the proportion of subdivisions in this selection, cosmetics/skin care products, beauty/double beauty, and platform/supply chain ranked the top three, accounting for 26%, 26%, and 18% respectively. From the perspective of city distribution, there are 73 brands headquartered in Beijing, Shanghai and Guangzhou, more than two-thirds of the total number of brands. From the average establishment period of different fields, we found that the brands in the nail and beauty equipment track were generally established late, with an average establishment period of less than 15 years, while the brands in the hairdressing industry were generally established earlier, with an average establishment period of more than 30 years.
Light medical aesthetics: the main new trend in the market
Light medical aesthetics achieves beauty results through non-surgical methods, and is popular among consumers who pursue natural, safe and low-risk products. In order to meet the needs of consumers for more detailed, personalized and professional, many Shuangmei companies in this selection have launched a number of group purchase projects for different functions and parts, such as whitening, spot lightening, cleaning, hydration, firming, etc. classified according to function, as well as platform packages such as shoulder and neck relief, foot care, back moxibustion, and facial tendon pulling according to the classification of parts. In terms of data, the number of light medical beauty brands in this selection accounts for 29%, including beauty/double beauty track brands and personal beauty equipment brands.
New focus: expansion of sinking market power
In recent years, consumer demand for beauty has been growing in lower-tier markets, and the unit value of consumers in lower-tier cities has increased significantly. According to data from the Meituan platform, the unit price of customers in lower-tier cities in 2023 will increase by 22.2% compared with 2022, while that in first-tier cities will only be 14.8%, a trend that is also confirmed by the distribution of franchisees in the Chinese and American nail and hairdressing tracks in this selection. We found that the distribution of franchise stores of these companies is gradually decentralized, with a large number of enterprises that have been deployed or planned to be deployed in second- and third-tier cities and lower-tier cities, and the number of their total chain stores and franchise stores cannot be underestimated. For example, the average number of franchised stores selected for the beauty salon track reached 2,634.
Digitalization: Online and offline integration
After the epidemic, compared with offline operations, online development has brought more room for development for beauty enterprises. In this selection, it was found that more beauty companies will be more willing to adopt an omni-channel business model that integrates online and offline. First of all, merchants will fully display their brand image, products, services and preferential activities through platforms such as Meituan, Douyin, Xiaohongshu, etc., and then push them through platforms to accurately locate and attract consumers, consumers will go to offline stores to enjoy services through online reservations and group purchases, and in the process of consumption, stores will observe, analyze and collect information such as consumers' user behavior, user habits, and user evaluations. By integrating online information, merchants are able to provide customers with more targeted online marketing and services, thereby ensuring customer loyalty and increasing customer repeat spending. (ENDS)
Editor: Xu Yin