French cosmetics giant L’Oréal plans to fast-track the launch of new products in China following the introduction of streamlined import procedures by the Shanghai Free Trade Zone, Sixth Tone’s sister publication The Paper reported Saturday.
Shanghai Free Trade Zone implemented a new filing system for imported non-special purpose cosmetics last November, which reduced the amount of time required to process product approvals from three months to just five working days. The change contributed to a spike in cosmetics imports to China during the first three quarters of 2019, with imports rising 47.1% year-over-year to 22.1 billion yuan ($3.1 billion), according to Shanghai customs data.
At the China International Import Expo in Shanghai this week, L’Oréal exhibited its Urban Decay and NYX Professional Makeup product lines, which the company hopes to launch in the Chinese market in the near future. The products are currently only available to Chinese consumers through cross-border e-commerce platforms. Over the past year, more than 1.6 million people in China have purchased NYX Professional Makeup products through these channels, according to the company.
“Young Chinese consumers not only spend a large amount, but are also very willing to buy high-end products,” Fabrice Megarbane, president of L’Oréal China, told The Paper on Saturday. “This phenomenon may not exist in other global markets.” (Image: VCG)