The Guangzhou-based parent company of Perfect Diary and Eve Lom posted total net revenue of 5.84 billion yuan ($916.4 million) in 2021, a year-on-year increase of 11.6 percent. Meanwhile, the Chinese beauty group’s gross profit increased by 15.9 percent year-on-year to 3.9 billion yuan.

The results was primarily attributable to the increase in sales from their newly acquired and launched skincare brands, but partially offset by a slight decline in sales from its makeup brands.

In 2021′s final quarter, Yatsen reported a net revenue decrease of 22.1 percent year-on-year to 1.53 billion yuan. The fall was due to “soft consumer demand and intense competition in the colour cosmetics segment,” according to Huang Jinfeng, Yatsen’s founder, chairman and chief executive.

In the year ahead, brand-building, R&D investments and sustainable growth will be the core pillars of Yatsen’s strategy, he added.

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