China Consumer-Cosmetics: Key takeaways from industry check post 618 Festival

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China Consumer-Cosmetics: Key takeaways from industry check post 618 Festival

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24 Jun 2026 13:52:07 ET │ 15 pages

China Consumer-Cosmetics

Key takeaways from industry check post 618 Festival

CITI'S TAKE

We believe China’s cosmetics industry had quality growth during 618 with

improving ticket size, repurchase rate, product return rate and brand

profitability. International brands continued to outperform and enjoyed

tailwind of KOL livestreaming cost reduction. Leading domestic brands met Tiffany Feng AC

growth targets (MGP +40%, Giant +25%, Proya +ve) and achieved +852-2501-2759

encouraging performance for new products. Our pecking order in China tiffany.feng@citi.com

cosmetics space is Mao Geping (Buy) > Giant Bio (Buy) > Proya (Buy).

Xiaopo Wei, CFA

+852-2501-2472

618 industry performance — China’s cosmetics GMV grew 11.4% yoy across major

xiaopo.wei@citi.comecommerce platforms during 618 (May 13 to Jun 18) incl. Tmall/Taobao (44.8% of

total), Douyin (31.9% of total), JD.com (10.7% of total), Kuaishou (7.3% of total) and Brian Cho

PDD (5.3% of total), according to Analysys. This data tracks actual payments which +852-2501-2712

exclude various discounts (merchant subsidies, membership discounts, coupons, brian.cho@citi.com

red pockets, platform discounts, etc.) as well as product returns during the period.

International brands outperformed — Int’l brands continued to outperform at both

Tmall and Douyin. Notably, Douyin was historically a stronghold for domestic beauty

brands, but int’l players have now captured a substantial GMV share (60% among

top 20 based on Qingyan data) via more focused and sophisticated live-streaming

and promotional strategies. At Tmall, int’l brands continued to dominate with 76%