The Business of Fashion
Agenda-setting intelligence, analysis and advice for the global fashion community.
Agenda-setting intelligence, analysis and advice for the global fashion community.
In the future, Li Jiaqi can envision himself building a beauty conglomerate similar in size and scope to Estée Lauder or L’Oréal Group, the livestreaming superstar said in an interview with domestic media platform, Sina.
His ambitions include a “Li Jiaqi Group” that encompasses online and offline stores, reaching far beyond his livestreaming roots. A move into building his own brand or brands would fit with a broader recent trend for Chinese influencers (known as KOLs, or Key Opinion Leaders) to leverage their massive audiences and young Chinese consumer appetites for both local and niche beauty brands, to launch their own beauty brands.
Li was speaking on the sidelines of the Boao Forum of Asia, sometimes called “China’s Davos”, where he yesterday appeared on stage with fellow livestreaming sales sensation Viya, real name Huang Wei, to speak on a panel pertinently called, “Internet Celebrity Economy on the Rise”.
Doubts about the country’s post-pandemic recovery is making investors, and perhaps shoppers, nervous.
The brand known for its traditional and ornate Chinese aesthetic will be one of the first major C-beauty players to go global when it touches down in the US and Japan later this year.
To unleash the full potential of ‘China’s Silicon Valley’ luxury brands must invest more in the vibrant city at its core and better understand the local mindset.
Western brands shifting supply chains away from China hope to reduce disruptions caused by geopolitical tensions but ‘friendlier’ sourcing hubs aren’t always feasible.