Chinese Skincare Leading Brand PROYA Unveils New Efficacy Product
- Chaileedo Press
- Jul 7, 2022
- 3 min read
Abstract: Chinese skincare brand PROYA has launched a new PROYA Ultra Luminizing Brightening Essence. It claims that it can inhibit black pigment, whiten skin and precisely lighten spots and is priced at $47.6 at its flagship store on the Chinese e-commerce platform Tmall.
In this year's Tmall 618 In the list of beauty and personal care Top 20 brands on Chinese 618 Shopping Festival this year, PROYA ranked No. 5. PROYA officially claims that the product enjoys a double tube and double pump: one side for local acne marks, while the whole face whitening. According to the observation from CHAILEEDO, the product has obtained the registration certificate of special-purpose cosmetics in China. PROYA is well known to consumers for its Vitamin C for morning and Retinol for night skincare combination. Before that, PROYA had launched a whitening efficacy product PROYA Ultra Luminizing Bright Refreshing Cream, claiming to inhibit and lighten melanin, hydration, and antioxidant efficacy. It was priced at $56.4 with a total sales volume of 3,000 + units. Compared with its other products, the product’s sales are relatively low. The official website shows that PROYA was founded in 2003, the earliest brand launched under PROYA Cosmetics Co. In November 2017, the company was listed on the Shanghai Stock Exchange, abbreviated as PROYA, securities code 603605. It is China's first listed only beauty stock, listed in 2017 after the Chinese Double 11 Shopping Festival that year. The opening was up 44%. Perfect performance has been highlighted in the strong beauty market. Therefore, PROYA Cosmetics Co., Ltd. has been known as "the first stock of beauty in China". In the past Chinese 618 Shopping Festival, in the list of beauty and personal care Top 20 brands on Chinese 618 Shopping Festival, although the first to fourth place still international brands L'Oreal, Estee Lauder, Lancôme and OLAY, PROYA is the dark horse of this year's Chinese products, which climbed from last year's 15th to the fifth place while overtaking the perennial Chinese brand Winona. This further indicates that PROYA's product strength is recognized. Laterally, it reflects the growing brand value and the steady advance of trust and loyalty in consumers' hearts. It is worth noting that in April this year, PROYA shares (603605-SH) released its 2021 financial results with revenue reaching 690 million. From an annual revenue of $253 million in 2014 to $690 million in 2021. The revenue has nearly tripled in 7 years. The company started in the CS channel. From 2003 to 2013, the CS channel was the only main sales channel for PROYA. In 2012, PROYA set up the Beauty Valley e-commerce subsidiary to open online and began to work closely with Alibaba, JD, Vipshop and other platforms. What pushed PROYA into the spotlight was its Black Marine Mud Deep Purifying Bubble Spa Mask in 2019. According to Jiang Ligang, R&D director of PROYA, the product sold more than 1 million boxes in the first month of its online launch. By November 2019, the accumulated sales volume of products on its Tmall flagship reached more than 3 million boxes. In July 2019, the mask took 1st place in the "TikTok beauty and skincare list" and " Tmall monthly sales ranking of facial masks" and other tops. It contributed to $8.9 million of sales in that month. In February 2020, the PROYA Deep Ocean Energy 1.0 version was created. This product caters to the new consumer trend of Vitamin C for morning and Retinol for night skincare combination by adding higher levels of Retinol, hexapeptides, and other anti-aging star ingredients, but is priced at only $37.1/30ml, which is very cost-effective. Once launched, PROYA Deep Ocean Energy achieved a single-day sales of 15,000 units and the cumulative sales in a single month soon climbed to more than 50,000 units. Its subsequent launch of Ocean Energy 2.0, Ocean Energy Eye Cream, and Ocean Energy Toner series respectively achieved a total GMV of about $68.6 million for PROYA, accounting for 17% and 30% of the total GMV of the flagship store respectively. In 2021, the sales of these three series of products fully surpassed the original basic product line and became an important revenue pillar in PROYA's skincare category. This time, PROYA is once again focusing on whitening efficacy products. That may expand its product matrix. Regarding the business plan for 2022, PROYA has previously stated that it would continue to build a large single product matrix for the PROYA brand focusing on categories such as essence, cream, eye cream, and mask. At the same time, it aimed to optimize and upgrade the existing large single product. It developed a new single product and the brand would further penetrate around the single product strategy.
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