China's emerging e-commerce platform Pinduoduo will be rooted in China's cosmetic industry in the next two years, cultivating 50 new cosmetic brands with annual sales of more than RMB 100 million, of which 10 with annual sales of more than RMB 1 billion, said Chen Qiu, vice president of Pinduoduo.
Chen said at the "Guangzhou Cosmetics New Brand Plan Conference" today that more than 50% of local first-tier cosmetics enterprises are expected to join the new brand plan by October next year.
The "Guangzhou Cosmetics New Brand Project Conference" is being held in Baiyun District, Guangzhou, which is home to 1,300 cosmetic manufacturers and more than 4,000 trading companies, accounting for one-third of the country's cosmetic industry.
In 2019, China's cosmetics industry will have annual sales of more than 400 billion yuan, up more than 10 percent year-on-year, with online sales growing by more than 20 percent, and Pinduoduo growing by more than triple digits.
Chen said Pinduoduo will continue to promote the "reverse customization, product sales in one" new brand incubation model to help local cosmetic enterprises to integrate into the new trend of Chinese products and incubate new brands of cosmetics Chinese products in volume.
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