Tag: stocks

Chinese cosmetic brands see rally despite global beauty downturn
Asia

Chinese cosmetic brands see rally despite global beauty downturn

With consumers staying at home for months and social gatherings banned across the world, the global cosmetics industry has been dealt a major blow by the coronavirus pandemic.Yet low-cost, online-savvy local beauty brands in China have seen their shares rally as investors spy an opportunity for the home-grown outfits to take market share amid the crisis.Hangzhou-based Proya Cosmetics Co has soared 88% this year, reaching a record high in May and is now trading at 68 times forward earnings, the highest among listed beauty companies worldwide and surpassing giants like Shiseido Co and Estee Lauder Cos.Another local make-up brand, Guangdong Marubi Biotechnology Co has surged 42% this year against a 3.9% decline in the Shanghai Composite Index and is now trading at 58.7 times forward earnings....