Beauty Brands Claim China's Cosmetics Market Still Going Strong

The world's leading cosmetics brands, such as Estee Lauder, Mary Kay, and Shiseido, remain focused on their expansion plans in China despite reports of a market slowdown in the country. Retail sales in China's cosmetics market grew 16.5 percent to 107.7 billion yuan, or $17.3 billion, in the first 10 months of 2014, compared with the same period in 2013. Estee Lauder, which sells 12 of its 28 cosmetics brands in the country, aims to remain the largest foreign beauty brand by launching its local brand Osiao. Local beauty companies, however, are growing their share of the market and driving up competition in the process.