Photo Courtesy of Estee Lauder
According to China’s National Bureau of Statistics, the nation’s beauty industry in 2011 rose 18.7 percent year-on-year to $17.1 billion, up from the 16.6 percent increase between 2009 and 2010. While the numbers for 2012 aren’t in yet, brand activity gives a good indication of what the future holds.
Procter & Gamble Co. recently moved its skin care, cosmetics and personal care headquarters from Cincinnati to Singapore, heavily suggesting that Asia is its new focal point.
In mid-October, American cosmetics giant, Estée Lauder Cos. Inc., will unveil its first Chinese skincare line: Osiao. The line will be launched at two Lane Crawford stores in Hong Kong.