Chinese cosmetic e-retailer Jumei on Tuesday said it has acquired a minority stake in It’s skin – a Korean beauty brand which has been very popular amongst Chinese consumers.
"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," said Leo Ou Chen, founder and CEO of Jumei.
Jumei is China’s number one 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.
Through its mobile application and website, Jumei offers branded beauty products, fashionable apparel and other lifestyle products. The online beauty retailer has adopted multiple effective sales formats to encourage product purchases on its platform, including curated sales, online shopping mall and flash sales.