One 、 Perfect diary parent company finally rings the bell ？
11 month 19 Japan , Perfect diary's parent company Yixian e-commerce （ Because everyone is familiar with the perfect diary , In order to make it easier to understand, we use perfect diary to replace Yixian e-commerce ） Listing on NYSE , Stock code “YSG”, Offering price 10.5 dollar /ADS, To raise 6.17 Billion dollars , Valued at 70 Billion dollars . First day of listing , Perfect diary closed up 75.24%, newspaper 18.40 dollar , Market value 122 Billion dollars .11 month 20 Japan , The perfect diary is soaring again 8.86%, Total market value 133 Billion dollars . According to Tianyan , The perfect diary is in 2018 year 5 Month to complete A Round of funding , The investor is Gaorong capital , The valuation at the time was 1 Billion dollars , in other words , The valuation of the perfect diary has skyrocketed in less than three years 132 times .
In the wind of new consumption , Perfect diary has achieved explosive growth , In the past four years, Yixian e-commerce has also rapidly realized from its establishment to its listing , And as it grows , The community little red book, which has a strong sense of grass planting, plays an important role , Yixian e-commerce can be called “ The first stock of new brand of xiaohongshu ”. The data shows , Yixian e-commerce was founded in 2016 year .2017 The perfect diary of color brand was launched in , stay 18 In the first month, the diary became the perfect brand of tmall , And keep this record to this day . In its early days , The sales volume of perfect diary on e-commerce platform is average , Soon, the team found that some users had published the color test and grass planting content of the brand on the little red book , It has sparked heat and discussion . The founding team realized the importance of promoting the content and form of makeup , Determined with high quality content drainage play . This is considered an important node in the development of the perfect diary .
2017 At the end of the year to 2018 Beginning of the year , Perfect diary promotes a lot of content in xiaohongshu , And KOL/KOC To cooperate , A large number of small red book users shared the product experience of perfect diary , And how to use all kinds of lipsticks 、 Blush 、 The eye shadow and so on draw exquisite makeup , So that the perfect diary fever quickly detonated , And this heat spills over to the e-commerce platform , Promote the rapid growth of perfect diary sales and brand awareness . data display , On the platform of little red book ,2018 year 11 The search exposure associated with the monthly perfect diary is 2018 year 1 Of the month 12 times . In the same year 11, Perfect diary has become a domestic beauty brand with sales of more than 100 million yuan .
According to open market data ,2020 First three quarters , The operating income of perfect diary is 32.72 One hundred million yuan , a 2018 In the year 6.35 One hundred million yuan , Added 4 times , But the net profit that belongs to the shareholder of listed company is lost greatly 11.57 One hundred million yuan , Set a new low . And the other data is , As shown in the prospectus , Perfect diary is the first large-scale use of the Internet KOL The beauty brand of , By 2020 year 9 month 30 Japan , Cooperative KOL There are almost 15000 name , Among them is 800 More fans than 100 Ten thousand KOL. For low fans KOL, Perfect diaries don't detest . so to speak , In a sense , A perfect diary is a person who is KOL Super new retail brands fed by traffic .
Two 、 How much future is there for the perfect diary ？
We see , Perfect diary is a complete recruit in the whole beauty market , It's a back wave , It's only four years from the start to the market , What do we think of this broken circle ？ Is the future of a perfect diary worth looking forward to ？
First ,DTC+ The high marketing model does kill . If we study the business model of the perfect diary, we will find that , This is a new species in the beauty industry , It abandoned the traditional beauty market distribution model , Using a set of direct contact with the consumer play , This core model is described in the prospectus of perfect diary as DTC, namely Direct-To-Consumer Brand direct customer operation mode , No longer through traditional channels and media promotion , It's through e-commerce 、 Social platforms and other direct customers . This leads to the perfect diary is to be oneself KOL And then in conjunction with other KOL, With KOL This flow of opinion leaders feeds itself directly as a link , By 2020 year 9 month 30 Japan , Perfect diary has more than... Official accounts owned and operated on China's e-commerce and social platforms 4800 Thousands of fans . Just rely on wechat 1500 Million fans and little red book 200 Thousands of fans , Plus 800 More than a million fans V Joint recommendation of , This is a devastating trend for any market , What's more, female white-collar workers are the core fans of this model , So the success of the perfect diary doesn't have to say . Of course , We can also see the high cost of this model from the financial data ,2018 year 、2019 Years and 2020 The first three quarters , The marketing expenses are respectively 3.09 One hundred million yuan 、12.51 One hundred million yuan 、20.34 One hundred million yuan , It accounts for as much as 48.69%、41.28%、62.16%, 50% of the income dare to be used for marketing , If it's not for the powerful capital behind the perfect diary , I don't think anyone would dare to do this . But there's no denying it , The perfect diary still succeeded , In huge capital and super strength KOL Under the support of the flow , Perfect diary has formed its own super strong system , In order to support their own listing .
however , stay DTC And the halo of super marketing, we also see some risks of perfect diary at present ：
First, the perfect diary is easy to use in the early stage , It's embarrassing later . We look at the various posts of xiaohongshu about the perfect diary , You'll find that the perfect diary has always been a cheap substitute , This role is undoubtedly very useful for a new e-commerce brand , With the advantage of cost performance, we can conquer a large number of price sensitive female consumers in China . however , Today's perfect diary is on the market , From the perspective of a listed company , Its identity as a substitute is somewhat subtle , Especially at the beginning of this year. , Yixian e-commerce and the world's largest cosmetics OEM Cosmetz Co., Ltd , flowers 7 Billion yuan to build its own R & D and production base for color cosmetics , The base will be in 2022 Officially put into production in . You know, although cosmetz is the world's largest manufacturer of cosmetics , But the perfect diary is almost always OEM OEM production and ODM The mode of OEM production , This will inevitably lead to their own product control is not strong , For a cosmetics company , How to get rid of the identity of self replacement in the later stage , It's not easy to get rid of the feeling of low price .
Second, the development of perfect diary is still in its infancy . Perfect diary has always wanted to be L'Oreal of China , But the problem is that these international cosmetics giants, no matter who they are, have a whole bunch of patents , Its products have their own advantages , In contrast to the perfect diary , Because of the late start , Because of the high marketing model , The gap between R & D and international giants is significant , Mainstream cosmetic companies at home and abroad , R & D costs are in 2%-4%, L'Oreal can account for the total revenue 3.3%. And the perfect diary ,2018 year -2020 year 1 to 9 The monthly R & D cost is only 0.03 One hundred million yuan 、0.23 One hundred million yuan 、0.41 One hundred million yuan , Each of them accounts for 0.5%、0.8%、1.3%, This gap will inevitably lead to the high-end road of perfect diary in the future .
Third, there is still a gap between the online and offline integration of the perfect diary . For any cosmetics giant , Whether it's a new species or a big name , Offline stores are the key to product popularization and experience , Even Huawei 、 An Internet company like Xiaomi , To a certain stage of development, we should vigorously lay out the offline market , at present , The perfect diary is probably offline 218 stores , Cover 100 Multiple cities , But the proportion of online sales is 90% above , The short board of offline stores is an important threshold for them to catch up with giants .
Fourth, the perfect diary lacks enough high-end brands , L'Oreal, the target of the perfect diary, is the focus of high-end brands , With Helena 、YSL、 George Armani 、 Lancome and other first-line cosmetics brands , But the perfect diary is still deficient in this respect , It has a perfect diary 、 Little Odin 、 Wan Zixin chooses these three brand matrix , No matter which one is a low-end brand , There's a big gap compared to the real high end .
On the whole , The success of a perfect diary doesn't have to say , But there may be a long way to go before success , For an emerging e-commerce brand , It's not easy to do that before , But after going public, especially after getting a lot of financing , It's time to make up for the weaknesses , If you can't make it happen , It may not be easy to think long term and give the capital market enough imagination ！