China’s emerging e-commerce platform Pinduoduo has announced plans to help China’s cosmetic industry. In the next two years, it aims to support 50 new cosmetic brands to cultivate annual sales of more than 100 million RMB, of which 10 achieve annual sales of more than 1 billion RMB.
The plans were unveiled by Chen Qiu, the Vice-President of Pinduoduo, on October 22 and are part of the second phase of its 2018 ‘New Brand Plan’ which aims to:
- Support 100 industrial centres from 2021 to 2025
- Release 100,000 new brand products
- Drive 1 trillion RMB in sales
Pinduoduo’s wholly interactive mobile Internet platform provides social e-commerce services which allows users to bulk buy products with friends. Earlier this year, it became the youngest company to feature on the Nasdaq 100 Index.
Read more about Pinduoduo in our case study: Pinduoduo’s social group buying model wins over Tier 3 & 4 consumers