Proya Upgrades Brand

15 Years of Dedication Makes it the Chinese Classic

HANGZHOU, China, Dec. 13, 2018 /PRNewswire/ -- China's beauty and makeup market was valued 361.6 billion yuan (approx. US$52.3 billion) in 2017, with a compound annual growth rate averaging 9.5% over the last ten years. The same rate for retail sales of cosmetics at firms above a designated size, for which the mass market component accounted for 79%, grew at the much faster rate of 18%. The Chinese cosmetics brands had built mass market skin care brands, establishing Cosmetics Store-focused networks, backed by integrated marketing campaigns and rapid product innovation.

Cosmetics company Proya Cosmetics Co., Ltd. (SHA: 603605) has gone through several iterations of the brand during its existence, starting 15 years ago when the firm launched its first bottle of lotion to today, having grown into company with more than 1,000 products under seven brands, much in line with a growth pattern that is quite typical for the sector. In the first stage of development, from 2003-2007, the company set up a network of franchise counters in shopping malls throughout China in a move to get the new personal care product line off the ground, then, from 2008 to 2012 quickly raised the visibility of the brand through intensive marketing and advertisement campaigns, achieving retail sales of 4 billion yuan (approx. US$580 million) in 2012, on the heels of an average annual growth rate of 69% during the period. From 2013-2017, Proya adjusted the pace of growth in preparation for a public listing, succeeding with its launch on China's A-share market in November 2017. Between today and 2022, the now 15-year-old Proya is once again looking at a comprehensive upgrade of the brand that will touch every aspect of the firm's operations.

With a focus on excellence in R&D, the skin care firm is using science and technology to drive the next round of product upgrades

The structure of the research and development unit has always been the most important part of Proya's roadmap, with a focus on meeting all requirements for eventual entry into the international arena, most notably in five areas: modern formula (emulsification) technology, plant research technology, packaging design, product development and evaluation technology. At present, the company has designed products and preparation methods for anti-black eye ring, composite whitening and skin anti-aging lipid nanoparticles emulsions in addition to other core technologies. As of June 2018, the company owned 267 authorized patents, including 38 for inventions, 28 for utility models and 199 for design.