China’s leading online beauty etailer Jumei has acquired a minority stake in Korean beauty brand It’S SKIN.
It is thought Seoul-based It’S SKIN will benefit from the growing size and scale of Jumei’s online platform. The brand has a comprehensive offering of products for skin, hair, body, men and babies, as well as colour cosmetics.
Leo Ou Chen, Founder and CEO of Jumei, said: "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 ecommerce platform in China.”
In Jumei’s latest financial report, the etailer saw orders decrease 5.9% in Q4 to 9.6 million. Total net GMV fell 3% to US$235.2m. However, full year results remained buoyant. For the full story, click here.