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.
Yatsen Holdings, the Chinese beauty conglomerate which owns brands including Perfect Diary, Abby’s Choice, Eve Lom and Galénic, reported net revenues for its third quarter, ending Sept. 30, of 1.34 billion yuan ($208.4 million), a year-on-year increase of 6 percent.
“Despite a challenging macroeconomic backdrop and soft industry environment for colour cosmetics, our top line continued to grow in the third quarter, supported by a significant growth of our skincare brand,” said Yatsen’s founder, chairman and chief executive, Huang Jinfeng.
Those challenges in the broader business environment are unlikely to ease up in the fourth quarter, with Yatsen forecasting its net revenues will decline by 15 to 20 percent on a yearly basis in the next quarter, “primarily due to the prior year period’s high comparison basis and softer-than-expected industry-wide colour cosmetics sales,” its earnings release read in part.
Yatsen also announced its board of directors has approved a share repurchase program that will involve up to $100 million worth of its ordinary shares (including in the form of American depositary shares) over the next 24 months.
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