Beauty manufacturer Meiyume announced this month its entry into Vietnam, as the Hong Kong-based business-to-business company looks to help local beauty brands elevate their products via its solutions.
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Founded in 1991, Meiyume is an end-to-end manufacturer that develops packaging design, complex formulations, and turnkey manufacturing across various beauty categories, including personal care, skin care, colour cosmetics, sun care, oral care, and feminine wash.
The company, formerly known as LF Beauty, has expertise in cost efficiency and order quantity flexibility to accommodate the local spending power. It also incorporates prototyping into the product development process, ensuring clients receive high-quality, products that meet their specific needs.
“Meiyume’s competitive advantage lies in the expansive global reach of our operations, including strategically located sales and sourcing offices, as well as cutting-edge manufacturing facilities,” said Thierry Rabu, CEO of Meiyume.
“Our customer-centric approach prioritizes individuality and caters to the unique needs of customers across the U.S., Europe, and Asia Pacific. Through this expansion, we hope to partner with beauty brands in the region to optimize their operations by providing innovative and bespoke solutions unique to the Vietnamese market.”
The beauty sector is expected to reach a staggering US 3.86 billion (VND 90.38 trillion) by 2026 with a forecasted CAGR of 10.07 percent, according to Euromonitor.
Moreover, the growing Vietnamese middle-class population are investing approximately USD 19 to USD 21 (VND 445,000 to VND 491,800) monthly on makeup and skincare products, according to Vietnam Briefing.
Meiyume is one of three product vertical businesses — beauty, sweaters, and furniture — formerly part of Li & Fung, which were divested in 2018. Today, it operates as LH Pegasus, which is 45 percent-owned by Hony Capital and 55 percent by the Fung Group.