United States-based Estee Lauder, a multinational maker and marketer of makeup, skincare, fragrances and hair care products, said it sees great potential for growth in the Chinese market, following its successful participation in 2019 and 2020 in the annual China International Import Expo.

 

Estee Lauder said it will continue to create innovative products and services for consumers in China.

 

In 2019, at the second CIIE, Estee Lauder introduced its Paris-based fragrance brands Kilian and Editions de Parfums FredericMalle in China.

 

That was followed by the opening of two brand-exclusive stores at Shanghai's International Finance Center in June last year.

 

During the third CIIE last year, Estee Lauder expanded its exhibition area by 100 square meters to host more new product displays and interactive experiences.

 

Estee Lauder's global innovation research and development center was launched in Shanghai's Minhang district on Nov 8. It is tipped to grow into the company's largest such facility in the world.

 

Estee Lauder signed a strategic agreement with the district government and local industrial park developer Lingang Group for local R&D.

 

"The huge potential in the Chinese market has lured more and more world-class centers and flagship stores of our brands to the country," said Fan Jiayu, president of Estee Lauder Companies in China.

 

Fan said China's economic resilience and market potential have brought a multitude of opportunities for cosmetic firms.

 

"We will accelerate localization in the Chinese market, cultivate top local talent, tailor innovative products and services for Chinese consumers and strengthen our brand influence in the future," Fan said.

 

"We hope to contribute to the dual-circulation development pattern and leverage the global influence of the Chinese high-end beauty industry."