Abstract: The Chinese 618 Shopping Festival came to an end. As a new brand in the field of foundation, Blank Me create good results in the Chinese major e-commerce platforms and won the TOP 1 Chinese brand in the field of foundation on the Chinese e-commerce platform Tmall.
According to CHAILEED, the star product air cushion of Blank Me – Small Black Box Cushion Foundation Cream and Small Silver Box Cushion Foundation Cream have sold over 170,000 units in total during this year’s 618 Shopping Festival. In its brand live streaming, the sales exceeded $1.5 million. The Small Black Box and Small Silver Box had won the TOP 1 single product of Tmall in 2021 During this year’s 618 Shopping Festival, they reigned as the TOP 1 of Tmall’s air cushion foundation hot selling list, and also ranked as the TOP 1 of Tmall’s air cushion foundation positive feedback list.
As the official news, Blank Me was established in 2016 adhering to the “user-oriented” core values. It is committed to providing professional foundation products and quality services and insists on the concept of focus, purity and rationale. The company has established the world’s first skin optics lab and developed products based on optical technology. The categories of the brand cover portable foundation, professional foundation, fine foundation and pre-makeup foundation. The new sunscreen and makeup setting spray was launched in April 2022.
In the field of Chinese foundation brands, in addition to Blank Me, Chinese brands such as FUNNYELVES and Red Earth are also dark horses in the past two years. For example, Chinese foundation brand FUNNYELVES completed tens of millions of Series A financing this month with this round led by Winona’s parent company BTN Group and followed by Edge Ventures.
In contrast, another Chinese makeup brand Red Earth and Blank ME have in common: Red Earth was originally an Australian brand, but the brand was acquired by Esprit Holdings Limited back in the 90s and is now independently operated by a Chinese company, which is a genuine Chinese brand. Blank Me, on the other hand, is positioned in Korean makeup and even has a flagship store in Tmall Global, but the main body of it is actually a Shanghai-based company. In a situation where the base makeup category is dominated by international brands, labeling the brand as “imported” is a coincidental setting that helps enhance the brand’s tone and raise its pricing.
It is worth noting that Blank Me’s main product price range is as high as $37-$58, which is close to the international brands. The price range is known for the cost performance of Chinese makeup has never been involved. It is reported that Blank Me star product Loyal to me Nourish creamy foundation is priced at $58 / 30ml and Estee Lauder Double Wear Stay-in-Place Makeup is priced at $61 / 30ml officially in China. In contrast, the Chinese foundation brand FUNNYELVES star product Essential Seamless Nourishing Soft Radiance Finish is priced at $20.6 / 25ML.
The Chinese market has been strongly occupied by international brands in the foundation sector. Take the 2022 Tmall 618 makeup perfume brand sales ranking (20:00 on May 26 -24:00 on May 26) released by Ebrun as an example, the top 10 international brands accounted for eight including Make Up For Ever, MAC, etc., Blank Me and Florasis ranked ninth and tenth respectively. Although as an unprecedented momentum, Blank Me is still a gap from the international brands.
Although the total retail sales of cosmetics in May were $4.4 billion down 11% year-on-year due to the epidemic, many segments of the facial makeup market performed better. According to MarketIDX, the foundation sector, sales reached $1.3 billion in nearly a rolling year, an increase of 5.6%. In the sector of compact powder, the sales reached $400 million, an increase of 5.2%. In the sector of setting spray, the sales achieved $64 million, an increase of 103%. In the sector of concealer, the sales of $300 million, an increase of 20% year-on-year. As measured by Japan’s mature beauty market structure, the potential market size of China’s foundation reaches one-third of that of skincare products and is expected to exceed 100 billion yuan($15 billion) in the next five years.
As Chinese consumers’ makeup concept continues to mature, the demand for the foundation will also be more targeted. International brands which occupied the mainstream of the foundation market will gradually expose the shortcomings of product details that can not meet the needs of Chinese consumers, such as international brand’s foundation shade is in line with their local ethnic skin tone, which means less suitable for Asian people. And Blank Me, which persistently improves the product strength, brand power and service power may contribute to the foundation market among Chinese brands