International cosmetics brands are rushing to China
Chinese millennials are becoming the world's biggest beauty queens, thanks to the power of the internet. Makeup and grooming tips proffered by popular lifestyle bloggers are inspiring women in their late teens to early 30s to splurge 585 yuan (about R1,100) on a Tom Ford lipstick and 1,350 yuan on an 8g compact of La Mer's illuminating foundation powder online. That demand helped drive a 20% jump in Estée Lauder's sales in China in the quarter through March, making it the New York-based group's fastest-growing cosmetics market. "In the past, Chinese women didn't put on foundation, mascara and eyeshadow," said Fabrice Weber, Estée Lauder's Asia-Pacific president. "Today, it's perfectly OK. Millennials are completely uninhibited to think 'I need to look stunning'."