Estee Lauder Invests in Chinese Beauty Brand Code Mint
Estee Lauder, a global beauty giant, has invested in Code Mint, a Chinese homegrown beauty brand founded in 2021 by influencer Grace Chow. This marks Estee Lauder's first investment in a Chinese beauty brand and is part of its strategy to capture consumers by investing in and acquiring Chinese domestic brands.
Code Mint is betting on the nascent clean beauty segment in China, which was worth less than RMB 10 billion (USD 1.38 billion) in 2021. The brand aims to bring a scientific approach to beauty products, emphasizing health, nature, and purity. It sells its products directly to consumers online and partners with upscale hotels to showcase products offline, attracting new customers and strengthening brand recognition.
The brand's user base primarily comprises sophisticated mothers and white-collar workers from first-tier and second-tier cities, with a portion belonging to Generation Z. Code Mint's strategy focuses on developing products with effective ingredients, such as caffeine. It has launched the 'Ice Americano' series with high-concentration caffeine powder extracts. Estee Lauder, which generates approximately 36% of its annual revenue from the Chinese market, typically provides technology, human resources, and channel guidance and support to investee brands, allowing them to remain mostly independent and follow their own business logic and development pace.
Code Mint, founded by Grace Chow and backed by a core team from renowned institutions, has secured early-stage investments and incubation support from Estee Lauder and venture capital firm New Incubation Ventures. Estee Lauder's investment in Code Mint reflects its commitment to enhancing competitiveness in China's beauty market and supporting innovative, homegrown brands.
