THE WHAT? Proya Cosmetics Chairman Hou Juncheng was propelled into the ranks of China’s billionaires last week as the brand reported impressive rises in both revenue and profit, according to a report published by Forbes.
THE DETAILS Revenue reached CNY2.1 billion while profit hit CNY240 million, increasing by some 30 percent on last year’s figures, bringing Hou’s personal fortune to CNY 7.9 billion (US$1.2 billion).
China is now home to the second-largest number of billionaires in the world.
THE WHY? Proya has the youth market in third- and fourth-tier cities cornered. With multinationals yet to penetrate these regions and the popularity of C-beauty brands on the up across China, the brand is perfectly positioned for growth.