Chongqing - Mao Geping Cosmetics reported strong 2025 results in March, with revenue rising 30% to 5.05 billion yuan (about 733 million U.S. dollars) and net profit up 36.8% to 1.205 billion yuan, but the earnings also highlight a second story—robust domestic growth has yet to translate into significant progress overseas.
Named after its founder, one of China's best-known makeup artists, the brand has built its identity around "Oriental aesthetics" and secured a leading position in China's high-end domestic beauty segment.
Mao Geping, the founder of Mao Geping Cosmetics. (Photo/Mao Geping)
Its performance came amid China's cosmetics market's continued growth. According to the China Association of Fragrance Flavour and Cosmetic Industries, the industry topped 1.1 trillion yuan in 2025, up 2.8% year-on-year, with domestic brands accounting for 57.4% of sales.
Mao Geping laid out an international strategy at listing and planned to tap L Catterton, the LVMH-backed private equity firm, to expand overseas. But by the end of 2025, its presence remained focused on Hong Kong, and the company had used less than 5% of the HK$360 million raised for overseas expansion.
Products of Mao Geping Cosmetics. (Photo/Mao Geping)
Why beauty travels differently
That gap reflects a wider challenge: unlike Chinese home appliances, consumer electronics and EVs, beauty brands have had a harder time scaling globally because cosmetics are shaped by local preferences, skin tones and beauty standards, often requiring changes in formulas, shades, branding and marketing.
Western and Asian consumers often differ in complexion and facial features, while global beauty groups such as L'Oréal, Estée Lauder, and LVMH-owned brands have spent decades tailoring products and aesthetic standards to those markets. For Chinese brands, overseas expansion means more than exporting domestic bestsellers; formulas, shades and branding often need to be adapted locally.
That challenge is reflected in Joy Group, whose color cosmetics brands Judydoll and Joocyee now sell in more than 50 countries and regions. General manager Kong Fanqi said overseas growth depends on understanding local preferences and designing products accordingly.
"Consumers in different countries and regions vary widely in skin tone, makeup preferences, usage habits, and aesthetics," He said. The company has adjusted formulas, shades, and packaging for different markets, including adding 15 new shades for Judydoll's lip mud product and launching a seven-shade sunscreen cushion foundation for Southeast Asia, including several shades for deeper skin tones.
Judydoll store at Bugis+ mall in Singapore. (Photo/Judydoll Singapore)
The barriers are also structural. AJ Securities said major global beauty groups typically have more than 50 years of history and established systems spanning R&D, brand portfolios, and global distribution. By contrast, only 12.6% of Chinese beauty brands have operated for more than a decade.
Xu Lunong of Zhigang Thinktank said Chinese companies going global increasingly follow a dual-track model: they compete in lower-end markets through scale and cost, and in higher-end markets through technology and brand strength. Beauty, he argued, sits squarely in a sector where brand premium matters most, making it difficult to win global influence through price competitiveness alone.
Distribution is another hurdle. In Japan, offline retail still accounts for more than 80% of beauty sales, and consumers tend to place less trust in brands without a physical presence. In the U.S., the market works differently: Data Insider Consulting said the U.S. beauty market is worth more than $56 billion, online sales account for more than 30%, and Gen Z consumers make up about 60% of the market. That demographic relies heavily on social media, values affordability, and expects diversity and inclusiveness, helping platforms such as TikTok Shop gain traction.
Data show TikTok Shop generated roughly $19 billion in gross merchandise value in 2025, with beauty and personal care contributing more than $3.5 billion, or 18.42% of the total. On TikTok Shop in the U.S., beauty and personal care ranked first across all categories, with a 22.4% GMV share. Chinese brands such as Judydoll, Colorkey, and INTO YOU have used that model to grow quickly in Southeast Asia and, increasingly, Western markets.
Still, moving from social commerce to mainstream retail remains difficult. Shelf space at chains such as Sephora and Ulta Beauty is expensive and dominated by established global players.
Different strategies, same global test
Different Chinese brands have responded with different strategies. Florasis, known in Chinese as Huaxizi, has taken a culture-led approach. In January 2025, it opened its first overseas flagship store in Tokyo's Ginza Six, alongside brands including Dior and Saint Laurent. The store incorporated Chinese garden-inspired design elements, positioning itself in line with Japan's familiarity with its craft culture.
Florasis's first overseas flagship store in Tokyo's Ginza Six. (Photo/Florasis)
That move followed years of groundwork. Starting in 2019, as Chinese-style makeup gained visibility on Japanese social media, Florasis partnered with beauty creators on Instagram and TikTok to promote its concept of "using flowers to nourish beauty." After entering Amazon Japan in 2021, its lipstick, inspired by a traditional Chinese lock, sold out in three hours. In 2023, it expanded from online to offline through pop-up stores at @cosme's Tokyo flagship and Isetan Shinjuku. Japan now accounts for 40% of Florasis' overseas sales.
Florasis store at Ginza Six highlights the brand's signature offerings, including the Flawless Jade Breathable Setting Powder, Gentle Wave Aqua Glow Highlighter, and Ethereal Flush Smooth Powder Blush. (Photo/Florasis)
Perfect Diary has chosen a different route, emphasizing technology. In 2025, the brand launched its third-generation "Biotec" biomimetic membrane technology, saying it combines five Nobel Prize-linked scientific concepts to deliver both skincare and makeup benefits. Hartmut Michel, the Nobel Prize-winning biochemist, publicly praised the brand's efforts to integrate cutting-edge science into daily anti-aging products.
With that positioning, Perfect Diary has twice been shortlisted for the International Federation of Societies of Cosmetic Chemists. Its serum lipstick, using the new technology, was also certified by Frost & Sullivan as the world's top-selling Chinese serum lipstick.
Mao Geping, by contrast, has leaned on the founder's personal reputation and professional makeup expertise, especially his signature emphasis on facial structure contouring and light-shadow techniques. In October 2025, the company opened its first overseas counter at Harbour City in Hong Kong. But that model may be harder to replicate internationally, where Mao's name recognition remains limited.
For many Chinese brands, export growth has not yet become brand power. According to the China Chamber of Commerce for Import and Export of Medicines and Health Products, China's cosmetics exports reached $7.82 billion in 2025, up 9.2% year-on-year, extending a multi-year growth trend. But much of that growth still comes from OEM manufacturing or low-price-volume sales rather than from internationally recognized brands.
In Mao Geping's 2025 annual report, Chairman Mao Geping said the company sees Hong Kong as an important market that can help it understand global consumers' expectations for art and high-quality consumer goods, adding that the company aims to build an international high-end beauty group originating from China. For now, the numbers suggest that ambition remains in its early stages.