当Into You在2020年推出第一款唇泥时，它解决的是一个没人正视过的质地问题：如何实现丝绒哑光妆效而不拔干。五年后，8000万粉丝，覆盖40多个国家，这个上海品牌正在重新定义全球消费者对唇部彩妆的认知。但品类开创者能否在竞争者蜂拥而至时保持优势？

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.

The absence of subscription models in China is not due to technological limitations or lack of platform capability. Instead, it is rooted in deep structural differences: ● China skipped credit cards ● Consumers distrust auto-pay ● Brand loyalty is low ● Promotions dominate shopping behavior ● Consumers prefer high control and flexibility

The AI platform Doubao (豆包), developed by ByteDance, has begun seamlessly connecting user queries with direct shopping links on its parent short-video platform Douyin (抖音, the Chinese Tik Tok), delivering a new model for beauty-commerce integration.

In China’s hyper-competitive consumer market,  price wars  are no longer isolated incidents—they are now business as usual. In the...