Caixin
Caixin Global – Latest China News & Headlines

Home >

ABOUT US

CX Tech is Caixin Global's real-time tech news portal, featuring 24-hour news, short-form analysis, and roundups from business and tech media in China.

LATEST
Tesla Says Any Data It Collects in China Is Stored in the Nation
Medtech Startup StoneWise Raises $100 Million to Promote Use of AI in Drug Development
Plus Accelerates Uptake of its Autonomous Truck Tech with Italian IVECO Deal
Trending in China: Farmer Given Suspended Jail Time For Felling Own Trees – Social Media Chimes In
‘Tickets Please!’ Baidu Allowed to Charge for Robobus Service in Chongqing
Didi Reportedly Looking to List in U.S. as Soon as July
China’s NEV Sales Balloon in First Quarter on Strong Demand from Individual Consumers
Honor of Kings Beats PUBG Mobile as World’s Highest-Earning Mobile Game in March
Didi to Expand New Logistics Service From 8 to 19 Cities in China
China’s Li Auto Raises $750 Million Through Bond Sale to Fund Electric Car Development
Plant-Based Food Firm Beyond Meat to Open Plant Based in China
iFlyTek Hopes to Cash in on Pandemic Driven Demand for AI Services and Devices
Joint Alibaba and Russian Online Retailer AliExpress Plans IPO as Early as 2022: Report
Trending in China: ‘Easy to Buy, Hard to Redeem’ – Airline Pandemic Related Coupons Under Fire
Tesla Counters Spying Concerns Saying Car Cameras Not Activated Outside North America
Reinventing In-Car CB Radio or Cutting-Edge Tech? Clubhouse-Like Features Built into Xpeng Cars
Smart Projector and Laser TV Startup Xgimi Predicts Big Profits
Trending in China: Speculators or Trading Apps — Who’s to Blame for $7,000 Sneakers?
Nio and Xpeng Both Set Quarterly Records But Still Lag Behind Tesla
Call of Duty Mobile Developer Outplays Games Publisher as Timi Studio Earns More Than Activision Blizzard
Revenues Grow but Losses Return for Owner of Budget Cosmetics Brand Perfect Diary

By Ding Yi / Mar 15, 2021 03:17 PM / Business & Tech

Guangzhou-based Yatsen Holding Ltd., the owner of budget cosmetics and skincare brand Perfect Diary, posted a loss in the fourth quarter of 2020, despite a revenue jump.

In the three months through December, Yatsen reported a net loss of 1.53 billion yuan ($234.7 million), compared with a net profit of 46.2 million yuan in the same period of 2019, according to its latest earnings report.

The U-turn came as Yatsen increased its revenue by 71.7% year-on-year to 1.96 billion yuan, which the company said was largely the result of a solid expansion in customer base.

Yatsen said that it directly sold its products to 14.4 million customers in the fourth quarter, representing a year-on-year increase of 30.9%.

According to the financial report, Yatsen grew its marketing expenses to 1.38 billion yuan, compared with 446.3 million yuan in the fourth quarter of 2019. Meanwhile, spending on R&D nearly doubled to 25.6 million yuan from a year ago.

Last week, Yatsen, which went public in the U.S. last November, signed an agreement to acquire 35-year-old British skincare brand Eve Lom for an undisclosed sum. The deal came just six months after its acquisition of the skincare brand Galenic from French pharmaceutical and dermo-cosmetic group Pierre Fabre.

“With our acquisition of several distinct skincare brands, we are on track to offer our customers a full suite of products,” said Yatsen chairman and CEO Huang Jinfeng.

Contact reporter Ding Yi (yiding@caixin.com)

Related: Owner of Budget Makeup Brand Perfect Diary to Pretty Up Portfolio With Premium U.K. Skincare Line


Share this article
Open WeChat and scan the QR code