Yatsen Global, the parent company of China’s biggest C-Beauty brand, Perfect Diary, as well as a growing portfolio of smaller brands, including the newly-acquired high-end skincare label, Eve Lom, saw sales soar 71.7 percent to 1.96 billion yuan ($300.6 million) in the fourth quarter, ending December 31, compared with the same period a year earlier.

The number of direct-to-consumer customers increased 30.9 percent to 14.4 million from 11 million in the fourth quarter of 2019.

“The growing popularity of homegrown Chinese beauty brands is presenting us with unprecedented opportunities that we are well positioned to capture,” group founder, chairman and chief executive, Huang Jinfeng, said.

Huang also announced full year results, with net revenues in 2020 rising 72.6 percent year-over-year to 5.2 billion yuan ($801.53 million), and gross sales up 72.4 percent from 3.5 billion yuan ($539.5 million) in 2019, to 6.1 billion ($940.27 million) in 2020.

Losses also widened in the fourth quarter, however, as operational costs rose considerably, partly due to costs associated with the company’s IPO in November of 2020 and partly attributable to a rise in research and development costs.

Net losses for the fourth quarter of 2020 amounted to 1.53 billion yuan ($234.7 million), compared to net income of 46.2 million yuan ($7.12 million) for the fourth quarter of 2019. Non-GAAP net loss for the fourth quarter of 2020 was 287.4 million yuan ($44.1 million), compared to non-GAAP net income of 64.8 million yuan in the fourth quarter of 2019.

For the first quarter of 2021, Yatsen expects its total net revenues to be between 1.37 billion yuan and 1.42 billion yuan, representing a year-over-year growth rate of approximately 35 to 40 percent.