The world’s largest cosmetics company L’Oréal has been eyeing China’s market for home beauty devices with its luxe division Lancôme unveiling its first product of this kind, as per the Chinese media outlet Beijing Business Today on 3 July, citing a staff member at L’Oréal China.
The new device has been designed “to dispense a luxury formula to treat skin and reduce the appearance of fine lines and wrinkles using L’Oréal’s patent LED light therapy”, according to the insider. Despite only debuting as an exhibited item at the just concluded annual technology conference Viva Tech in Paris and has not yet been available for purchase, the move has been regarded as an attempt by the beauty label to march into what is believed to be the next “blue ocean” in China’s beauty industry.
A total of 12 homegrown beauty device brands have reportedly received angel investments between the period of January 2021 and May 2022 with four funding rounds taking place in May this year, which involved local nonsurgical medical beauty technology providers YOUNGMAY, HAVANSY, PINYAN, and Zhongmei Science.
The market has seen an annual growth rate of approximately 20% and is projected to surpass 20 billion RMB ($2.98 billion) by 2026, according to Zhiyan Consulting, a Chinese industry research institution. Compared to countries like Korea, Japan and Western counterparts, the penetration rate of home skincare devices in China has remained low over the past decade. The occurrence has been coupled with a high market concentration that sees foreign brands such as Japanese players YA-MAN and Dr.arrivo dominate the market.
As of late both international and native brands have rushed into the race, which has seen challengers including P&G’s “OPTE AI”, Shiseido’s new brand ‘EFFECTIM’ in collaboration with industry expert YA-MAN, and OGP, a Chinese high-end beauty device brand incubated by Yige Group, parent of the Chinese cosmetic brand Florasis.
It is believed the market segment will grow traction in China in the following years and with that, it brings out a new opportunity for beauty brands to leverage. While the area is currently untapped, a fierce contest amongst brands is expected to arrive soon as the market prospect draws in more players wanting to grab a slice. However, with timely action and unique beauty care experiences afforded by emerging technologies, the chances of global beauty giant L’Oréal taking a foothold in the new territory remains high.
