Photo Courtesy of Estee Lauder
China's luxury beauty
market is doing well, to say the least. The $17.1 billion industry rose 18.7 percent between 2010 and 2011, an increase from the 16.6 percent rise it saw from 2009 to 2010. Results aren't in yet for 2012, but thanks to encouraging brand activity in the last year, the future is bright and another successful year is predicted. Companies like Procter & Gamble moving its skin care, cosmetics and personal care headquarters to Hong Kong, and Estee Lauder is unveiling a new Chinese skincare line in mid-October. "By 2020, emerging markets are expected to grow by about $10 billion and represent more than 20 percent of global prestige beauty sales, with the largest portion coming from China, providing untapped opportunity for our brands," said President and CEO of Estée Lauder, Fabrizio Freda.