Chinese beauty brand Florasis released its first five-year plan for research and development. In the next five years, Florasis will invest more than $158 million in several product innovation, basic research, and areas of applied basic research.
“Over the next five years, Florasis plans to invest more than $158 million in R&D” said Li Huiliang, chief scientist of Florasis.
In 2021, Florasis’s GMV exceeded $854 million which means that Florasis tend to spend 18.5% of its GMV in 2021 on R&D for the next five years.
At the beginning of this year, Mr. Li Huiliang, who has focused on Chinese cosmetics R&D for more than 30 years and is known as “the first person in Chinese cosmetics R&D”, joined Florasis as the chief scientist.
As the first generation of cosmetic R&D personnel after China’s reform and opening up, Li Huiliang has been engaged in cosmetic R&D for more than 30 years and has served as the technical director of Shanghai Jahwa and the deputy general manager and chief technical officer of Huaxi Bio.
Referring to the reason for joining Florasis, Li Huiliang said, “People may pay more attention to the marketing of the brand, but Florasis also has strong R&D. To some extent, Florasis has the foundation and conditions to become a century-old brand.”
Currently, the world’s dynamic century-old beauty groups have businesses that cover multiple categories such as cosmetics and skincare.
“There is no doubt that Florasis will definitely make an effort in the skincare as well.” Li Huiliang said. In the future, Florasis will further build a “system for oriental beauty research and development “, covering all aspects of research from cosmetics to skincare.
According to the introduction, the system covers a number of aspects from cosmetics to skin care cosmetic material science innovation research, oriental makeup research and related innovation product development, raw materials, and supply chain AI refinement management.
Specifically, based on the characteristics of oriental women’s skin texture and facial features and needs, Florasis will continue to make efforts in several dimensions with oriental characteristics, such as plant resources with Chinese characteristics and oriental women’s skin physiology, to form its own culture at the scientific research end.
In fact, it has been a long time since Florasis wanted to develop skin care.
“Before Florasis, the brand’s parent company, Yige Group, had developed the research and development of skin care products and formulations.” Florasis’ chief product officer Shang Lu introduced, “for example, as early as 2016, the creation of the skincare brand OGP is even earlier than Florasis. And Florasis has also previously launched lip masks and sunscreen products.”
As Shang Lu said, Florasis has been developed for many years in terms of research and development. However, previously, based on multi-dimensional considerations, Florasis rarely made a presence in the industry. Along with the addition of Li Huiliang, the brand’s R & D strength also began to appear.
According to reports, as of the end of February 2022, the parent company of Florasis has a total of over 200 R&D staff and more than 120 patents, including 38 invention patents and 19 utility model patents, the number, and quality of patents are ranked among the top Chinese cosmetics brands.
At present, Florasis has also entered into cooperation with many Chinese universities such as Zhejiang University, Beijing Technology, and Business University, Shanghai Jiao Tong University, and others.
“Florasis tends to build a strong cosmetic R&D base around Chinese culture to support not only cosmetics but also skincare research and development.” Li Huiliang said.
Founded in 2017, Florasis is a Chinese beauty brand that focuses on Chinese style positioning, with the brand concept of “oriental cosmetics with flowers for makeup”. It is reported that in 2020, the total GMV of Florasis is about $475 million and its revenue reached $285 million. Its cumulative number of users who have purchased exceeded 8 million and the customer unit price is about $27. In 2021, the GMV of Florasis exceeds $854 million. During the promotional campaign on June 18 of 2020, Florasis surpassed Perfect Diary and a number of major international brands to become the TOP 1 in the cosmetics category on the Chinese e-commerce platform Tmall.