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Yatsen Holding Limited (NYSE: YSG) is a leader in the rapidly evolving China beauty market. Our mission is to create an exciting new journey of beauty discovery for consumers in China and around the world. Founded in 2016, we have launched and acquired seven color cosmetics and skincare brands including Perfect Diary, Little Ondine, Abby’s Choice, Galénic, DR.WU (its mainland China business), Eve Lom and Pink Bear. Our flagship brand, Perfect Diary, became the top color cosmetics brand in China in terms of online retail sales value three years after launch. Leveraging our digitally native direct-to-customer business model, we built a platform with core capabilities which enables us to launch and scale multiple brands quickly while offering a wide selection of products to a growing variety of customers. We primarily reach and engage with customers directly both online and offline, with expansive presence across all major e-commerce, social and content platforms in China. In addition, as of December 31, 2020, we had 241 experience stores across over 110 cities in China.
China www.yatsenglobal.com
Sales: $876 million
Yatsen Holding Limited is a leading player in China’s beauty market, The company says its mission is to create an exciting new journey of beauty discovery for consumers in China and around the world. Its flagship brand, Perfect Diary, is one of the top color cosmetics brands in China in terms of online retail sales value.
Sales rose 11.6% last year. Unfortunately, in Q1 2022, sales plunged 38.3% as covid-induced lockdowns hurt demand for color cosmetics. But Yatsen said total net revenue from skin care rose 68.5% to account for 20.5% of sales, up from 7.5%.
“We remain focused on executing our strategy of building our brands, investing in R&D and pursuing sustainable growth in the first quarter of 2022,” said Jinfeng Huang, founder, chairman and CEO of Yatsen. “We have already observed early progress, including the growing skin care business and narrowing net loss and non-GAAP net loss. Although the pandemic continues to negatively impact our business, including our offline stores and supply chain, we are working hard to transform Yatsen and optimize operations.”
R&D expenses represented 2.4% of Yatsen’s total net revenues in 2021. In October 2021, Yatsen released the SmartLock technology. Developed with the Institute of Chemistry Chinese Academy of Sciences, it treats hydroxylated calcium phosphate crystals and fullerenes through a patented process to form an innovative raw material with directional adsorption function for oils and fats. The material is capable of directionally absorbing excess oil secreted by the skin, while retaining the necessary oil in the base makeup product, thus absorbing oil without absorbing makeup for long wear, according to Yatsen. SmartLock is used in Perfect Diary Pearl Loose Powder and Perfect Diary Small Silver Mirror Air Cushion.
Sales: $802 million
Total net revenues for the 2020 rose 72.6% to approximately $802 million, according to the company’s most recent full-year financial performance release.
Yatsen completed its IPO on the New York Stock Exchange on November 19, 2020. The company raised more than $700 million from the offering.
Last October, Yatsen acquired Galénic, an iconic premium skin care brand, from Pierre Fabre (ranked No. 22 in this report). More recently, Yatsen entered into a definitive agreement to acquire the prestige skin care brand Eve Lom from Manzanita Capital. Galénic and Eve Lom join Yatsen’s Perfect Diary, Little Ondine and Abby’s Choice brands.
Yatsen this year launched a new beauty line, Pink Bear, which is geared to teenagers and young adults.
For the first quarter ended March 31, 2021, total net revenues rose 42.7%. The company also noted that the number of direct-to-consumer (DTC) customers for the first quarter of 2021 increased 11.6% to 9.6 million and the average net revenue per DTC customer increased 24.5%, The c-suite likes what it sees.
“The year is off to a good start with robust topline growth and continued execution of our multi-brand strategy. Growth in the quarter was driven by stellar performance of our flagship Perfect Diary brand as well as robust growth from Little Ondine, Abby’s Choice and other brands under Yatsen’s portfolio. We are especially pleased to see increases in revenue per DTC user and gross margin driven by brand premiumization and disciplined pricing and discounts policies,” Jinfeng Huang, founder, chairman and CEO of Yatsen, said in a statement.
According to Huang, while still in early stages of integration of its recently acquired brands, Yatsen already saw signs of success with the relaunch of certain hero products within the Galénic and Dr.Wu portfolio.
In other news, Dr. Jiming Ha was appointed as a third independent director in the company’s board of directors, effective March 11, 2021. He has been managing director at Goldman Sachs (Asia) in investment banking and a chief economist at China International Capital Corporation.
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