Fan Jiayu: The China International Import Expo is an excellent platform to showcase innovative achievements. The spillover effect is obvious

【Multinational Enterprises in China】

　　Editor's note:

　　Walk into a multinational enterprise in China, and listen to the CEO of the foreign enterprise talk about "opportunities for Chinese-style modernization" and explain "the way of economic globalization".

　　China News Service , November 4th:

　　China-Singapore Finance reporter Wu Tao

　　As the 5th China International Import Expo is approaching, recently, Fan Jiayu, President and CEO of Estee Lauder Group China, said in an exclusive interview with Zhongxin Finance, "The China International Import Expo is not only an important bridge to strengthen Sino-foreign cooperation, but also an excellent way to showcase innovative achievements. The platform provides an important opportunity for us to deepen our understanding of the Chinese market."

　　Fan Jiayu also said that innovation is an important driving force for the development of Estee Lauder Group, and Chinese consumers are an important source of inspiration for Estee Lauder's innovation.

At this year's China International Import Expo, Estee Lauder will exhibit 15 brands sold in China, including new brands that are planned to be introduced to the Chinese market, as well as a number of new products.

The interview transcript is as follows:

Zhongxin Finance and Economics: We have noticed that the Estee Lauder Group is fully prepared to build relevant exhibition areas for the annual CIIE. Based on the experience of participating in the exhibition in recent years, what spillover effects have the CIIE and other large-scale exhibitions brought to Estee Lauder?

What new products will Estee Lauder bring to the Expo this year?

Fan Jiayu: First of all, the CIIE

is not only an important bridge to strengthen Sino-foreign cooperation, but also an excellent platform to showcase innovative achievements.

Including this year, the Estee Lauder Group has participated in the CIIE for four consecutive years.

In the past four years, we have introduced four new international brands and more than 2,500 new products.

Thanks to the spillover effect of the China International Import Expo, the first stores and flagship stores of the Group's brands in the world have also settled in China one after another.

　　Not only that, the CIIE also provides an important opportunity for us to deepen our understanding of the Chinese market.

　　We have received rich customer feedback at the CIIE and have a deeper understanding of the needs of the Chinese market.

Exhibiting for many years has driven us to continuously strengthen the construction of local innovation capabilities, and encouraged us to reach more Chinese consumers in an all-round way with more localized research and development and more targeted services.

　　This year, Estee Lauder Group has increased its investment and made persistent efforts to bring more innovative products and unique exhibition experience to Chinese consumers.

Specifically, there are three main highlights:

　　First, more new products.

This year, we exhibited 15 brands sold in China, including new brands that are planned to be introduced into the Chinese market, as well as a number of new products.

　　Second, a more immersive experience.

We set up make-up classes, skin care lectures, and R&D interactive platforms on the spot.

Consumers will have the opportunity to participate in the production process of products and experience our experiential services "immersively".

　　Third, a more sustainable pavilion.

This year, we brought the first "zero carbon pavilion" in the consumer goods exhibition area of ​​the CIIE, creating an upgraded version of the green beauty experience for consumers, and also demonstrating the company's vision for the sustainable development of high-end beauty.

Zhongxin Finance and Economics: China is accelerating the construction of a new development pattern, focusing on promoting high-quality development, and promoting high-level opening to the outside world. As a world-renowned multinational company, from a global perspective, what new opportunities will China's new development bring to multinational companies?

　　Fan Jiayu: Estee Lauder Group is a witness and participant of China's economic achievements.

　　Since entering the Chinese mainland market in 1993, we have witnessed the take-off of China's economy and the upgrading of consumption levels.

This trend is also evident in the high-end beauty industry.

Our consumers are becoming more sophisticated and their needs are more personalized.

In order to meet the rising living standards, we will continue to bring more and better products, accelerate the sinking of high-end beauty channels, and increase the penetration rate of high-end beauty products nationwide.

We hope to join hands with Chinese consumers to create a new trend of "beautiful consumption".

Zhongxin Finance and Economics: You mentioned that Estee Lauder Group has full confidence in the Chinese market, continues to invest in China, and is optimistic about the long-term outlook.

Can you talk about future investment plans?

Where is the focus?

　　Fan Jiayu: Innovation is an important driving force for the development of Estee Lauder Group, and Chinese consumers are an important source of inspiration for our innovation.

　　At the 3rd CIIE, we completed the signing of the Estee Lauder Group's China Innovation and R&D Center in Minhang, Shanghai, which will be officially put into use in December this year.

The R&D center will bring together first-class R&D talents, explore China's consumer demand, develop excellent products, and truly realize "in China, for China; in China, for the world".

　　As Chinese consumers become high-end and fashionable, they have unique needs for high-end beauty. This is the original intention of establishing a R&D center in China.

We hope to quickly listen to the voices of consumers, tailor more suitable high-quality products for Chinese consumers, and go from China to the world.

Zhongxin Finance and Economics: Estee Lauder's many brands are favored by Chinese consumers. How does Estee Lauder products plan to provide more "beautiful choices"?

How to localize the Chinese market?

　　Fan Jiayu: Estee Lauder Group has been in the Chinese mainland market for nearly 30 years.

　　In 1993, the Estee Lauder and Clinique brands entered mainland China.

In 2002, Estee Lauder Group China was established.

China is the Group's largest international market, and the importance of Chinese consumers has become increasingly prominent.

　　Over the past 30 years, we have continuously introduced new brands and products, bringing cutting-edge technologies and new experiences to Chinese consumers.

Today, the group has 15 brands in China, covering four major fields of makeup, skin care, fragrance and hair care; our business covers more than 600 cities across the country, serving millions of Chinese consumers.

　　We have thousands of talented employees, 85% of whom are women, and a highly localized executive team.

Fully understand Chinese consumers and deeply integrate with the Chinese market.

Zhongxin Finance and Economics: As a leading company in the high-end beauty industry, how do you view the spending power and spending habits of Chinese consumers compared with other countries in the world?

What are the thoughts on globalization that Estée Lauder brings to you?

　　Fan Jiayu: Chinese high-end consumers are diversified, young, Internet-based and fashionable, leading the world trend in many fields.

　　The Estee Lauder Group actively embraces the wave of digitalization in China.

We have established live broadcast rooms on major Internet platforms, and are also exploring new marketing models such as the Metaverse.

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