L’Oréal’s minority investment in LAN marks a strategic shift from acquisition to partnership in China’s beauty market. Beyond the brand itself, the deal reveals how global beauty giants are rethinking risk, localisation, and long-term growth in an increasingly fragmented and culturally specific consumer landscape.

China has yet to produce a retailer with the authority, bargaining power, and brand aggregation capabilities of Sephora, Space NK, or Ulta Beauty. The reasons are structural, historical, and deeply linked to how China’s beauty economy developed.

When discussing China’s new-generation beauty brands, 🌸Flower Knows (花知晓) stands out as one of the most distinctive success stories. Founded in 2016 by two post-90s male cosplay enthusiasts, the brand quickly rose to prominence with its dreamy, 少女心 (fairytale-girlish) packaging and pastel palettes.