这支来自"抖品牌"三资堂的"二叉眉笔"，曾在抖音创下上市不到四个月，销量超160万支的纪录，全平台累计销量突破460万支。而它的新"东家"——国际 高端美妆零售巨头丝芙兰，却正经历着连续三年的亏损困境，2025年上半年中国区净亏损已达1.2亿元，较去年同期的亏损态势进一步扩大。 当丝芙兰导购开始向顾客介绍一支售价49.9元的眉笔时，整个美妆零售行业都感受到了这种错位带来的震动。 一支平价眉笔与一个高端零售帝国的牵手，究竟是美妆行业寒冬下的抱团取暖，还是流量至上时代的无奈妥协？这场看似双向奔赴的合作，实则是双方在 各自困境中的必然选择。 01 丝芙兰的困局： 高端光环下的业绩滑铁卢 丝芙兰在中国市场的风光早已褪色。 2005年，丝芙兰（隶属于法国奢侈品集团 LVMH路威酩轩）与上海家化成立合资公司，共同开拓中国市场。根据上海家化披露的财报数据，这个曾经的 美妆零售标杆自2022年陷入亏损以来，累计亏损已超10亿元。2025年上半年，营收同比再降12.3%，净亏损1.2亿元的数字让市场担忧加剧。 近年来，以三资堂、温博士为代表的厦门美妆企业，凭借一套成熟的"爆品方法论"在抖音迅速崛起，成为行业不可忽视的力量。这套 ...

Core Insights - The Chinese makeup market is witnessing a significant shift with the rise of domestic brands priced around 50 yuan, which are dominating various categories on platforms like Douyin [1][2][5] - This shift indicates a change in competitive dynamics, where product innovation focused on "extreme cost-performance" and addressing consumer pain points is becoming crucial [1][2] Market Dynamics - The makeup market is divided into three main forces: international luxury brands (e.g., YSL, Nars) that dominate the high-end segment, established domestic brands (e.g., Mao Geping, Huaxizi) that are upgrading their offerings, and the emerging "new makeup" brands priced around 50 yuan [2][5] - The 0-50 yuan price segment accounts for one-fifth of the overall market, with over 50% market share in eye makeup categories [5][12] Sales Performance - Brands like Sanzi Tang, eLL, and BABI have consistently ranked in the top 20 on Douyin, showcasing their ability to maintain sales momentum over several months [9][12] - During the 2025 Douyin Double 11 event, several domestic brands achieved over a million units in sales, indicating strong consumer demand and market penetration [12][14] Product Innovation - The "50 yuan makeup" brands have captured at least 21 category tops on Douyin, demonstrating their dominance in specific segments such as foundation, eye makeup, and lip products [17][29] - These brands focus on specific consumer needs with high cost-performance products, leading to their success in the market [17][23] Consumer Behavior - A fundamental shift in consumer logic is observed, where younger consumers prioritize practical solutions over brand prestige, favoring products that address their daily makeup challenges [23][30] - The emergence of three distinct brand types—established brands adapting to new channels, new brands thriving in content-driven e-commerce, and native brands leveraging efficiency—illustrates the diverse paths to success in this market [25][27][29] Brand Strategy - Brands are increasingly focusing on multi-channel strategies, transitioning from reliance on traffic to building brand equity through offline and online presence [31] - The appointment of celebrity endorsements is becoming a key strategy for these brands to enhance emotional connections and brand identity among consumers [32][34]

Core Viewpoint - The Chinese makeup market is undergoing a significant transformation, with a new force of domestic brands priced around 50 yuan emerging to redefine market dynamics and competition [3][5][12]. Market Dynamics - The makeup market is divided into three main forces: international luxury brands (e.g., YSL, Estée Lauder) dominating the high-end segment, local leading brands (e.g., Mao Geping, Huaxizi) focusing on brand upgrades, and the emerging "new makeup" brands priced around 50 yuan [5][7]. - The 0-50 yuan price segment accounts for one-fifth of the overall market, with over 50% market share in eye makeup, indicating its dominance in this category [7][11]. Sales Performance - Brands priced around 50 yuan have shown strong sales performance on platforms like Douyin, with several brands achieving over a million units sold during events like Double 11 [11][12]. - The brands in this price range have demonstrated consistent ranking in sales, with some brands maintaining top positions for several months, showcasing their operational stability [10][12]. Consumer Behavior - The rise of 50 yuan makeup brands reflects a fundamental shift in consumer logic, where younger consumers prioritize practical solutions over luxury branding [15][22]. - The success of these brands is attributed to their ability to address specific consumer pain points with high cost-performance ratios [15][22]. Brand Evolution - The emerging brands can be categorized into three types based on their establishment years: 1. Established brands (before 2017) that adapted to new channels [16]. 2. New brands (2018-2021) that grew alongside content e-commerce [18]. 3. Native Douyin brands (after 2022) that focus on efficiency and niche markets [20][22]. Strategic Development - These brands are transitioning from a focus on traffic to building brand assets through multi-channel strategies, including entering physical retail spaces [24][25]. - Brand image is being enhanced through celebrity endorsements, aiming to create deeper emotional connections with consumers [26][28]. Conclusion - The 50 yuan makeup brands are reshaping the market landscape, proving the power of niche segments and high cost-performance ratios, while emphasizing the importance of product barriers and brand value for long-term success [28].

Core Viewpoint - The entry of the domestic beauty brand CENSTO into Sephora marks a significant shift in Sephora's brand selection strategy, moving from a focus on high-end products to embracing market-validated and user-recognized brands, indicating a potential recalibration of the definition of "high quality" in the beauty market [7][9][10]. Group 1: CENSTO's Entry into Sephora - CENSTO officially announced its entry into Sephora on November 20, 2025, with four key eyebrow makeup products available in Sephora's offline flagship store [3]. - CENSTO is the only domestic brand focusing on professional eye makeup among the new brands entering Sephora China in 2025 [4]. - The four core products from CENSTO are priced around 50 yuan, significantly lower than the mid-to-high price range typically associated with Sephora's offerings [8][9]. Group 2: Market Trends and Consumer Behavior - The beauty market in China is experiencing a "value return" trend, with younger consumers shifting their purchasing logic from "high price equals good quality" to "good quality justifies high price" [10]. - There is a growing demand for professional makeup products at accessible price points, particularly in the eyebrow and eye makeup categories, where convenience and user-friendliness are prioritized [10][11]. - CENSTO's products, such as the dual-head eyebrow pencil and mascara, represent innovative solutions that meet real consumer needs, allowing the brand to build a broad user base [10][11]. Group 3: CENSTO's Growth Strategy - CENSTO's rapid growth is attributed to its focus on product functionality, effective e-commerce strategies, and reasonable pricing, making it a model for other domestic beauty brands [18][24]. - The brand has successfully captured market share in the eyebrow product segment, with its eyebrow pencil ranking first in sales on major platforms like Douyin and JD [16][18]. - CENSTO is expanding its product line to include lip products, indicating its ambition to transition from an eye-focused brand to a comprehensive makeup brand [21][22]. Group 4: Industry Implications - CENSTO's entry into Sephora may signal a new norm in the beauty industry, where domestic brands can successfully penetrate high-end retail channels by addressing genuine consumer needs and offering differentiated products [11][35]. - The case of CENSTO illustrates that domestic brands are not limited by channel opportunities but must focus on understanding user needs and delivering stable, popular products [35].