LF Beauty, a one-stop shop partner and supplier of products and solutions for the beauty industry announced that it will now operate under the new brand name of MEIYUME. The rebranding comes to represent the evolution of the company and its response to the rapidly-changing beauty landscape and the changing face of today’s consumer.
The new brand positioning is based on the idea of MEIYUME as the catalyst shaping opportunities and transforming visions into reality with the fusion of MEI (美), Chinese for beauty, and YUME (夢), Japanese for dream.
As part of the rebrand, MEIYUME’s business has been restructured into three key divisions: Packaging & Turnkey Solutions, Retail Solutions, and Brands.
The rebrand has also given the company an opportunity to renew focus on its business strategy of Empowering Beauty Solutions. In addition to empowering established brands by providing them with the right products and solutions, it is also about paving the way for new brands to make their mark by collaborating and translating their unique identities into reality.
“With a new brand and structure, we are best-positioned to connect end consumers and the entire supply chain, and to create value for our customers like no other company in our industry.”said Gerard Raymond, President of MEIYUME.
Fung Group’s Deputy Group Chairman, William Fung, added: “It is the right time to undergo a full rebrand and really focus on who we are and the value we deliver to our customers.”
The rebrand comes after the completion of Li & Fung’s strategic divestment of its three product verticals (Furniture, Sweaters and Beauty) in April 2018 to form LH Pegasus, which is 45% owned by Hony Capital and 55% owned by the Fung Group.
LF Beauty, a one-stop shop partner and supplier of product solutions for fragrance, skincare, color cosmetics, interactive POS displays and beauty instruments for world-class brands, retailers and direct marketers, today launched its Creative Days concept event at LiFung Plaza in Shanghai. The event followed a successful first launch in 2016.
As the largest and fastest-growing beauty market in the world, China is one of LF Beauty’s key markets. According to Euromonitor, the Chinese beauty and personal care market was forecasted to grow by 30% between 2016 and 2021 to a total value of 434 billion RMB, equivalent to 69 billion USD. Premium beauty and personal market was expected to grow even faster at an astonishing rate of 53%. The China consumer today, especially millennials, wants personalized products and innovative formulations. Millennials in China are placing increased importance on skincare and skin protection from external factors such as UV light and pollution.
At this year’s Creative Days, LF Beauty showcased a wide array of innovative skin care, color cosmetics and fragrance products and solutions, as well as interactive point-of-sale (POS) displays to close to 30 top international and local beauty brands, demonstrating how LF Beauty can create extra value to them and co-create innovative products and solutions that meet the rapidly evolving needs of digital-savvy Chinese consumers.
Mario Salvatori, Executive Vice President of LF Beauty, said, “Today’s consumer is always looking for something new and fresh to update their image. This makes it a very exciting time for LF Beauty. The future of beauty is about collecting consumer insights both online and offline, providing personalized shopping experiences, developing innovative technology and promoting sustainable beauty. LF Beauty, which brings in-depth experience working with numerous well-known international beauty brands, is well-positioned to help beauty brands in China to meet the ever-changing needs of the Chinese consumers.”
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A key focus of the event was how LF Beauty could provide relevant data insights to help beauty brands spot trends in different age groups and markets, ultimately enabling those brands to achieve better sales performance through more informed product development and purchase decisions, as well as reduced inventory. Beauty brands who attended the event could see first-hand how leading brands are using the latest interactive point-of-sale (POS) displays to obtain customer intelligence.
In response to the emphasis on skin protection, LF Beauty showcased anti-blue light products, targeted at millennials who are frequently on digital devices, and anti-pollution skin care products.
William Mark, Senior Vice President of LF Beauty, said, “We have developed formulas and some are ready to go to address the anti-blue lights and anti-pollution skin maintenance needs, I am really excited about this market needs and trend in China and LF Beauty is uniquely positioned to supply end-to-end solutions in this front.”
“We really see LF Beauty as a convener to bring brands, retailers and players in the industry together and co-create innovative products and solutions as well as provide consumer insights to help brands making more informed decisions– and that is what the future of beauty is going to look like,” said Mario.
Li & Fung Group subsidiary LF Beauty is seeking to cash in on soaring demand for beauty products in Mainland China and wider Asia.
China’s skincare and cosmetics market is projected by the Hong Kong Trade Development Council to grow by an average annual rate of of 12.8 per cent from this year through 2019 – considerably faster than the expected global rate of 6 per cent.
“Asian beauty is now setting the pace for the world. China, South Korea, Japan as well as the entire Southeast Asian market, are very important for us. [That] represents about 4.5 billion in population,” said Gerard Raymond, president of LF Beauty, in an article published by China Daily.
A large population base dominated by younger demographic distinguishes the Asian market from more mature western markets, he said.
“The younger generation consumer knowledge and wealth is growing very fast. And they are very willing to try new and innovative things.”
LF Beauty is partners with suppliers and retailers of product solutions including fragrances, skincare, color cosmetics, and in a one-stop-shop offer provides retailers with logistics support, merchandising systems and point-of-sale solutions.
Raymond said in the China Daily report that “there never have been more opportunities for brands to stand out and keep pace with their consumers” than in the Asia region
“It’s never been more challenging. In this competitive environment, we work to help many of the world’s best-loved brands to innovate, thrive and become market leaders,” he said.
“We have seen that Chinese women now are very interested in beauty products from South Korea,” he said. “In this respect, we have already established a joint venture in South Korea, which allows us to transfer their knowledge to Chinese market directly and serve the demands of local consumers.”
