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Cosmetics Industry Feared Next in Sites of Cultural Austerity Drive: FT

 

(AF) Xi Jinping’s “common prosperity” drive may have reshaped China’s once-booming beauty sector as investors fear the cultural austerity policy will turn its guns on medical aesthetics firms, the Financial Times reported.

The market value of the three largest operators in the field has fallen by a third, or $17 billion, since the country launched a purge on companies considered too powerful or not aligned with China’s socialist values, the report stated. The policy has already snared private tutoring, consumer technology and online gaming companies, it added. Full report: Financial Times     

 

Aso on AF:

Uncovering opportunities within China’s medical beauty industry

 

Mark McCord

Mark McCord is a financial journalist with more than three decades experience writing and editing at global news wires including Bloomberg and AFP, as well as daily newspapers in Hong Kong, Sydney and Melbourne. He has covered some of the biggest breaking news events in recent years including the Enron scandal, the New York terrorist attacks and the Iraq War. He is based in the UK. You can tweet to Mark at @MarkMcC64371550.

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