Yatsen, the parent company of famous cosmetics brand Perfect Diary, has become the first Chinese beauty company to list on the New York Stock Exchange. The Guangzhou-based e-commerce company went public on November 17 and saw its share price increase nearly 67% on the first day of listing to $17.51 from the original IPO price of $10.50.
Netizens congratulated the company on social media and expressed pride towards its three domestic cosmetic brands. Consumers commented that they hoped the development would mean the company could continue offering more high-quality products to consumers.
Yatsen was set up in 2016 and owns three domestic brands: Perfect Diary, Little Ondine and Abby’s Choice. Perfect Diary is China’s leading domestic make-up brand and is available through e-commerce stores Tmall and JD, as well as social commerce platforms Xiaohongshu, WeChat and Weibo. The brand also has more than 13 physical stores across the country, including in Guangzhou, Shenzhen and Chengdu. Perfect Diary recently announced that famous singer Troye Sivan would become the brand’s ambassador.
In the wake of COVID-19, the company has focussed on marketing rather than R&D with various promotional deals to attract consumers. Earlier this year, Perfect Diary offered four Tesla vehicles to consumers as part of a giveaway on Weibo for 618 shopping festival.
Read more about Perfect Diary in our case study: Perfect Diary brings a sparkle to nurses’ eyes