China's online beauty market saw a significant slowdown in November, with industry sell-out sales plunging 33% year over year, Jefferies said in a Monday note.
By segment, skincare fell 37% while cosmetics weakened 15%.
The decline, following a strong 57% growth in October, was primarily due to the earlier timing of the Double 11 shopping festival, the equity research firm said.
The overall performance for October and November was a net decline of 1%, in line with the reported 2% drop in retail sales, including those offline, for the period.
The JD platform continued to outperform its peers, with November sales up 20%, compared with declines at Tmall/Taobao and Douyin of 48% and 23%, respectively.
Global brands L'Oréal and Estée Lauder saw sales declining 7% and 4%, respectively.
Meanwhile, domestic beauty company Proya Cosmetics (SHA:603605) also underperformed the market, with sales declining 5%.
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