Single product sold for 300 million yuan! Shenzhen sellers took the top spot in the category within less than a year after going overseas

In recent years, with the rise of the "appearance economy" , people's life concepts have gradually changed, their demand for beauty has become increasingly strong, and they have begun to pursue a more personalized and refined lifestyle .

Therefore, the beauty and personal care appliance industry has ushered in a development boom and is experiencing explosive growth.

Today, women’s purchasing power and consumption power cannot be underestimated. Driven by high demand, many companies in the beauty and personal care industry have also experienced rapid development and taken advantage of the opportunity to expand overseas.

There is an overseas brand that has quickly occupied the overseas market with its hair removal device products. In the first year of its launch, the GMV of a single product exceeded 300 million yuan. It is the overseas brand JOVS.

JOVS took the first place in multiple categories by selling hair removal devices

JOVS 's parent company, Shenzhen Qianyu Technology Co., Ltd., was established in 2015. It is committed to the research and development of technology and health products , and mainly deals in personal care products .

In 2019, Qianyu Technology founded the high-end fashion personal care brand JOVS .

( Image source: JOVS official website )

During market research, the company found that many consumers have a demand for customized hair removal and multifunctional products.

In 2019, JOVS launched its first product - JOVS Venus multi-functional skin rejuvenation and hair removal device , priced at 2,599 yuan, which is mid-to-high-end in the same category.

It is understood that this product has been customized with 6 modes and 6 large filter heads according to the differences in the depth of skin hair follicles and the thickness of hair in different areas . It can emit bands of different wavelengths . Users can choose the hair removal area according to their needs.

Moreover, this product can serve two purposes in one machine, having both hair removal and skin rejuvenation functions, which solves the pain point of the hair removal device being idle after periodic use.

JOVS Venus multi-functional skin rejuvenation and hair removal device has been widely welcomed by consumers since its launch.

Within three months of being launched in the Chinese market, its revenue reached 30 million yuan, exceeding that of foreign first-line brands such as Philips and Braun.

During the 2020 Tmall 618 promotion, sales of JOVS Venus multi-functional skin rejuvenation and hair removal device exceeded 70 million yuan, ranking TOP 3 in the hair removal device category .

Within one year of its launch, the product achieved a market share increase from 0% to 12 % , with the GMV of a single product exceeding 300 million yuan , making it the third largest brand of hair removal devices .

Relying on its product advantages, JOVS's online sales channels have quickly covered many well-known domestic e-commerce platforms such as Tmall, Taobao, Xiaohongshu, JD.com, Douyin and Kuaishou, and it is also actively expanding to more e-commerce platforms.

In 2020, JOVS officially established an overseas business department, initially targeting the European and American markets.

In less than a year, JOVS became the top- selling product of its kind in the UK and was named the best hair removal device of the year by the British Independent.  

After gaining a foothold in Europe and the United States , JOVS began to set its sights on Japan .

In 2021, JOVS officially entered the Japanese market.

After two years in Japan, JOVS has sold a total of 100,000 hair removal devices, ranking first in sales in 15 categories including home appliances, beauty and health, and hair removal under Rakuten Japan .

So far, JOVS has gained nearly 1 million users in more than 70 countries around the world . JOVS 's products are positioned in the mid-to-high-end market, with a per-customer price of approximately RMB 3,000-8,000. Many products are even more expensive than overseas big brands, but currently JOVS 's product sales have even exceeded their local brands, showing an explosive growth trend .

With the rapid growth of performance, JOVS has also attracted the attention of the capital market.

It is understood that since its establishment in 2019, JOVS has won two rounds of financing worth hundreds of millions of yuan.

On July 1, 2021, JOVS received nearly 100 million RMB in Series A financing from Lanxin Asia.

On July 29, 2021, JOVS received RMB 200 million in A+ round of financing from Jinding Capital and Lanxin Asia.

JOVS 's road to success in overseas expansion

Because overseas consumers attach great importance to brands and are very willing to pay a premium for brand concepts , JOVS is committed to "brand going global" rather than "product going global" when going global .

In order to create a high-end brand image in overseas markets, JOVS launched Product X in collaboration with Lamborghini in the early stages of its overseas expansion.

( Image source: JOVS official website )

It is understood that the product has the appearance and color of Lamborghini, and it also has highlights in terms of performance. The graphene material introduced in the product can enhance the electric-thermal conversion rate and has a skin-rejuvenating function. At the same time, it has also upgraded the full-screen sapphire freezing point technology , achieving the three functions of "hair removal, photon skin rejuvenation, and ion introduction" in one.

It is worth mentioning that JOVS is the third Chinese brand in the world to collaborate with Lamborghini (the first two are OPPO and Xiaomi) .

At the same time, JOVS also uses Broadway and New York Fashion Week to showcase its products to increase the brand's international visibility and strengthen its high-end brand image.

The success of JOVS , in addition to its strong product power and brand advantages, is inseparable from its investment in scientific research.

JOVS has set up a dedicated R&D team and patent engineers . The R&D team has many years of clinical trials and technology accumulation , and each product has an average of more than a dozen patent protections .

JOVS's hair removal effect has passed SGS Leadpu professional testing, QC quality inspection, and FCC multiple tests. It has also won the "Tmall Golden Makeup Award - 2021 Beauty Instrument Award", "2021 New Star Brand" and many other awards . JOVS is also the world's first beauty instrument to win the German Red Dot Award.

JOVS itself is also constantly optimizing and iterating product performance . Taking the Japanese market as an example, the product iteration cycle of local Japanese brands is about 2-3 years, but JOVS can launch new products within half a year to a year, which has a considerable advantage in this regard.

Although JOVS has quickly created a super product and won initial recognition in overseas markets, JOVS believes that this is only the first step in brand development. In the future, JOVS 's goal is to become a global high-end personal care brand , and subsequent products will also revolve around this goal.

The global beauty and personal care appliance market is welcoming new development opportunities

In recent years, the global beauty and personal care appliance market has experienced rapid development. With the advancement of science and technology, more and more new processes, new materials and new technologies have emerged in the industry, which has promoted the development and innovation of the industry and provided consumers with more diversified products.

On the other hand, social media has also boosted the internet celebrity economy. A large number of celebrities, internet celebrities and KOLs have begun to share beauty and personal care products on social media platforms , which has also stimulated consumers' desire to buy and driven product sales.

Despite the current difficulties in the global economic environment, the industry still maintains a steady growth momentum.

According to research data from Statista , the global beauty and personal care market revenue is expected to reach US$646.2 billion in 2024 , and the market's compound annual growth rate will reach 3.33% between 2024 and 2028, and market dividends will continue to be released.

The rapid development of the global beauty and personal care industry has also brought huge business opportunities to cross-border sellers. However, it should be noted that competition in this field is also quite fierce. After entering the market, sellers must continuously enhance their product innovation capabilities and adapt to the ever-changing market demands.

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