Core Insights - The beauty market in China is experiencing a transformation, moving from a phase of "scale expansion" to "quality and efficiency competition" as indicated by a 2.9% growth in retail sales of cosmetics in the first half of 2023, which is below the 5% growth of total retail sales [7][8] - Tmall's data shows that over 200 leading merchants achieved double-digit growth in the fast-moving consumer goods sector, and more than 500 new brands saw a year-on-year increase of over 40% in transactions [3][4] Group 1 - The theme of this year's Golden Makeup Awards is "Creating Wind," focusing on a strategy that emphasizes quality and innovation to drive sustainable growth in the beauty industry [4] - The shift in consumer behavior indicates that 47% of Chinese consumers prefer familiar brands, which are built on continuous innovation and deep trust with users [8][10] - The success of new products during the 618 shopping festival highlights the importance of innovation, with 453 brands achieving over 100 million in sales, driven by nearly 109,000 new product launches [11][24] Group 2 - The current market dynamics show that brands must focus on product strength and brand power, as consumers are returning to rational purchasing behaviors [15][30] - Tmall's strategy includes enhancing user operations and deepening engagement with high-value consumers, resulting in a 25% year-on-year increase in transactions from VIP members [29][30] - The "four growth flywheels" strategy implemented by Tmall aims to support brands through marketing, product quality, audience targeting, and traffic expansion, which has proven effective in driving growth [21][30] Group 3 - The beauty market is witnessing a rise in high-value consumer segments, with premium brands showing resilience and growth, as evidenced by the awards given to high-end products at the Golden Makeup Awards [13][19] - Tmall's initiatives to support new products and brands have led to a significant increase in new product visibility and sales, with new product traffic increasing sixfold [24][30] - The collaboration between Tmall and beauty brands is fostering a sustainable growth model, emphasizing long-term strategies over short-term gains [30][33]

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Industry Environment - The beauty industry is facing significant challenges due to a decline in consumer spending and cautious economic conditions, with CPI and PPI showing year-on-year decreases. Brands are adapting by focusing on functional and emotional value to drive growth, emphasizing the importance of user needs and differentiated advantages [1] - International beauty brands are leveraging top influencers on Douyin to boost sales, with international brands occupying 7 out of the top 10 beauty spots in May. The collaboration model is evolving from simple sales to full-value co-creation, while domestic brands are exploring high-end paths amidst intense competition [2] - Luxury and premium brands are struggling with frequent discounting, which undermines brand value and consumer trust. This has led to a "discount-only" shopping habit among consumers, necessitating a balance between maintaining high-end positioning and meeting sales demands [4] - During the 618 shopping festival, Taobao's beauty segment accounted for 45.1% of total sales, outperforming Douyin and JD. Notable products quickly surpassed sales of 100 million, indicating strong competition and the importance of new product launches [5] - Herbal skincare products are gaining popularity, with 76% of consumers preferring natural herbal ingredients. The market is seeing significant growth, driven by a trend towards "pure beauty" and "precise skincare" [6] Major Brand Developments - A major acquisition in the personal care sector occurred when a maternal and infant giant invested 1.65 billion yuan to acquire a leading hair care service provider, aiming to enhance service offerings and user engagement [8] - Dolce & Gabbana secured 150 million euros in funding to expand its beauty division, targeting 1 billion euros in sales by 2027. The brand is focusing on regaining market presence in China after previous controversies [9] - Camel Outdoor Beauty is focusing on outdoor skincare, leveraging its parent company's expertise to create specialized products for outdoor conditions, with a target of 150 million GMV [10] - The luxury perfume brand AMOUAGE opened its first flagship store in Asia, aiming to enhance its market presence and provide a high-end customer experience, with sales exceeding 100 million dollars in Q1 2024 [11]