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”.
With consumers tightening their belts in China, the battle between global fast fashion brands and local high street giants has intensified.
Investors are bracing for a steep slowdown in luxury sales when luxury companies report their first quarter results, reflecting lacklustre Chinese demand.
The French beauty giant’s two latest deals are part of a wider M&A push by global players to capture a larger slice of the China market, targeting buzzy high-end brands that offer products with distinctive Chinese elements.
Post-Covid spend by US tourists in Europe has surged past 2019 levels. Chinese travellers, by contrast, have largely favoured domestic and regional destinations like Hong Kong, Singapore and Japan.