From 2012 to 2021, the share of local skin care increased first and then decreased, and the share of local makeup increased by nearly 14pcts； in ten years; At present, the channel and media dividends have faded, local high-quality leading brands have increased investment in research and development, product strength has increased, and high-end has quietly advanced; At the same time, local brands have a deeper understanding of domestic channels and marketing, and local brands have diverted to international high-end brands, and their overall share has entered the bottom area, and their future promotion is expected.

▍ China skin care market: the share of local brands rises first and then falls; At present, the local leading brands are diverging from international high-end brands, and their share is at the bottom.

2012-2021: The share of local skin care increased from 24.8% in 2012 to 34.3% in 2018, and then fell back to 27.7% in 2021; The share of French brands has increased from stable (14% ~ 15% in 2012-2018) to 22.1% in 2021, which is closely related to the strong product strength of French brands and their advantages in sensitive repair and anti-aging. Korean brand share rose first and then stabilized, from 1.2% to 4.5% in 2012-2016, then the mass line weakened but the high-end line increased, and the overall share was stable. Since 2022, many factors such as marketing, channels and local epidemic have caused many changes in the trend. Among them, the local leading companies are becoming increasingly high-end, and the diversion of overseas high-end brands is expected to drive the local share to the bottom.

▍ China makeup market: the share of local brands has been promoted to the leading position, and the high-end has been quietly promoted.

2012-2021: The share of local cosmetics increased from 15.0% to 28.8%, and increased by nearly 14pcts； in 10 years; The share of American makeup decreased from 33.8% to 16.2%, a decrease of 17.6pcts；; After 2016, the share of French make-up increased to 30%+,which is closely related to its advantages in brand heritage, fashion leading and product strength. The share of Korean makeup increased from 7.0% in 2012 to 11.7% in 2016, and then decreased to 8.3% in 2021. Local make-up brands have changed significantly since 2021H2: 1) From fashionable color products (lipstick, eye shadow, etc.) to technical foundation (liquid foundation, etc.), from flow play to brand building; 2) Increase R&D investment, rely on cultural confidence, and strive to catch up with international brands in some sub-categories and product series.

▍ The channel and media dividends faded, and local brands increased investment in R&D, returned to product strength and accumulated brand strength.

Channel change: from 2001 to 2010, CS stores, supermarkets and other brands gave birth to beauty channels; In 2011-2015, the offline was good, the online rose, and the brand enjoyed a double-line bonus; In 2016-2021H, international brands increased rapidly, and new brands emerged; Since 2021H, channel and media dividends have subsided.

Marketing change: from celebrity endorsement to multidimensional grass planting, from big-screen advertising to content marketing and value recognition.

Advanced R&D: In recent years, the brand of skin care of pharmaceutical origin has performed outstandingly, from "medicine" to "makeup", with better quality control and efficacy; Local brands such as Polaiya/Betani/Huaxi /PMPM gather head R&D talents at home and abroad; Synthetic biotechnology promotes the innovation iteration of beauty raw materials, local raw material enterprises flourish, and the curtain of domestic substitution of raw materials opens.

▍ Risk factors:

Discount promotion of international brands suppresses local brands; The relationship between beauty brands and e-commerce platforms is unbalanced; It takes time to accumulate significant results in R&D investment; Scattered epidemic situation repeatedly affects the demand and sales of beauty; Policy supervision strictly affects the growth rate of the industry; The speed and range of domestic substitution of raw materials may not meet expectations.

▍ Investment suggestion:

As a typical optional consumer product, beauty cosmetics have both efficacy and spiritual attributes, with efficacy depending on technology and spirit relying on culture. Local brands increase investment in R&D, and product strength is quietly improved; At the same time, we have a deeper understanding of local channels and marketing. It is expected that the share of high-end and ultra-high-end will increase in the future, which will drive the overall share to rebound. At the present stage of fading dividends and full competition, strong marketing, channels, operational capabilities and sustained high R&D investment are indispensable.

This article comes from financial circles.

Manchester City announced their home jerseys for the upcoming 2023-24 season.
Manchester City said on the club’s website on the 19th (Korea time), "Manchester City players are wearing home uniforms produced by Puma for the 2023-24 season. Manuel Akanji, Kevin De Bruyne, Jack Goreli, Erin Holland and Edersen are wearing them, "he said formally.
This set of jerseys is designed to commemorate the transfer to Etihad Stadium. Since 1923, Manchester City has used Main Road as its home for 80 years. But with the passage of time, problems such as aging appeared. In 2003, they moved to Etihad Stadium as their new home.
Manchester City said: "This move marks the beginning of a new era for the club, which is defined by new records, new legends and great moments." I was inspired by the giant turret. Even the details are hidden. On the back of the neckline of the jersey is written the postal code of Etihad Stadium, M11 3FF, with pictures of Etihad Stadium painted on it. It also has a white V-neck, inspired by the 2003-04 home jersey.
An atmosphere completely different from this season’s uniforms. The home jersey of Manchester City in 2022-23 season is set in sky blue, and the Manchester City team emblem is embedded in the center of the chest. The logo of the uniform manufacturer Puma is located below it, and you can see the letter of the sponsor Etihad below it.
However, in this home jersey, the club badge is located on the left chest and the Puma logo is located on the right chest. In addition, you can also see the horizontal stripes in the middle on the sky blue background.
Meanwhile, Manchester City are challenging the club’s first treble this season. If you win the upcoming Chelsea game alone in the Premier League (EPL), you will be able to confirm your third consecutive league title. In addition, in UEFA Champions League (UCL), we beat Real Madrid to enter the final and compete with Inter Milan for the New Year. In the FA Cup in England, they faced their arch-rival Manchester United.

As a naturalized player in Chinese football, Garatt has dismissed the contract with the Guangzhou team and returned to his hometown of Brazil to find a new playing opportunity. There is no exact news about whether Gaunt will retain Chinese nationality in the future. However, for the return of the former Brazilian international, many Brazilian fans have unexpectedly "interest".

Earlier, it was reported that Gaunt attracted the attention of the Brazilian Furniture, including Barona, Flaglo, and Palmeras. But in the Corinthian forum, most fans oppose the team’s introduction of Gaunt.

Some fans said: "Gaurat used to be a good player before, but now his knee cartilage has been removed. It is difficult for this player to play high -level football in the future. When I left, Parmeras was like a pig who hit the Universiade because they got rid of this high salary burden. "

There are also fans believe that since Gaunt has joined Chinese, it seems a bit awkward to play in Barn: "He used to be absent for more than five months due to injuries. And he has joined the Chinese nationality. He is equivalent to wasting a place for foreign aid. "" I don’t know what he is now. I mean, don’t he already have a Chinese state? In Brazil, he is a foreign aid, so what does it mean to come back? "

In addition to doubts about the problem of Gaurart’s nationality, more fans are not optimistic about Gaunt’s competitive status today. "Even from an optimistic perspective, Gaunt is mostly similar to the current Dordinho, and it will even be even worse. When he returned from China, his performance had begun to decline. And say. "" God bless you not sign Gaunt, he can no longer play in Brazil. Now he is no longer three years ago. "