China’s leading beauty product e-commerce retailer Jumei International Holding has today announced that it has acquired a minority stake in Korean beauty brand, It’S SKIN.
It’S SKIN is a prestige Korean beauty brand that has become popular among Chinese customers with hit products including its Prestige Crème D’escargot and Power 10 Formula line. Established in 2006, the brand went international by 2008 and recently opened its first flagship store in New York.
Mr. Leo Ou Chen, founder and CEO of Jumei, stated, “The popularity of Korean beauty products in China has grown rapidly over the past few years. With an extensive catalogue of prestige products, It’S SKIN is an ideal partner for Jumei to collaborate with as we build Jumei Global into the largest cross border e-commerce platform in China. It’S SKIN will greatly benefit from the growing size and scale of our platform.”
Jumei is China’s top online retailer of beauty products as measured by gross merchandise volume, with a market share of 22.1 percent in 2013, according to a commissioned research report by Frost & Sullivan.