The market size of China’s beauty industry is expected to exceed $77.8 billion in 2022. MEIKING is one of Chinese brands with great characteristics gained countless followers are rapidly emerging. It is worth mentioning that Alibaba founder Ma Yun also sold MEIKING lipsticks in live stream during the Double 11 – Chinese Shopping Festival- in 2018.
The market size of China’s beauty industry is expected to exceed $77.8 billion in 2022. MEIKING is one of Chinese brands with great characteristics gained countless followers are rapidly emerging. It is worth mentioning that Alibaba founder Ma Yun also sold MEIKING lipsticks in live stream during the Double 11 – Chinese Shopping Festival- in 2018.
The global situation changed around after the pandemic hit. All sectors were damaged in different degrees. The new economic cycle is both a challenge and an opportunity. Despite the global economic downturn, the rising consumption of women has kept the scale of the beauty industry, which represents the “beauty economy”, growing steadily, and online consumption is growing at a high speed after the outbreak. After the pandemic, online consumption is even more rapid development. According to National Bureau of Statistics, the market size of China’s beauty industry is expected to exceed $77.8 billion in 2022.
At present, China’s internal economic cycle accelerates the industry reshuffle and China attracts more attention from the world. The rapid development of various social media platforms and new marketing methods in China has given Chinese beauty brands a lot of opportunities. MEIKING is one of Chinese brands with great characteristics gained countless followers are rapidly emerging.
The first product of MEIKING was a loose powder created by the founder Xie Angang’s wife, who was originally engaged in cosmetics production in 2004. The product was loved by many customers as soon as it was launched and attracted a group of loyal followers. Based on this loose powder, which continues to sell to this day, the flagship store of MEIKING was opened on Tmall in 2009 and the brand started to gradually grow on Taobao.
As of October 14, 2021, the official flagship store of MEIKING has grown from 2.16 million to 7.25 million followers at the beginning of 2018. The flagship store has a total of 97 SKUs covering a wide range of categories including makeup, skincare and masks with products in the price range of $3.11-$88.53. There are a number of products that can be described as hot-selling products with five products in the flagship store that sell over 10,000 per month. Its loose powder was sold more than 100,000 in a month, which is the highest selling product in the flagship store, followed by makeup remover oil with 50,000+ in a month.
It is worth mentioning that Alibaba founder Ma Yun also sold MEIKING lipsticks in live stream during the Double 11 – Chinese Shopping Festival- in 2018. According to statistics, the lipstick sold 100,000 units in 20 minutes on the Double 11. MEIKING products are known for their good quality and affordability. Its products become an affordable alternative to big international brands giving the brand a place in the market share of young Chinese consumers.
