Jing Beauty: Augustinus Bader x Teresa Cheung, Aesop’s library; Chicmax’s profit surge

The beauty and skincare sector is entering a new phase of competition. Brand storytelling, capital consolidation, and category expansion are reshaping the landscape as leading players pursue growth through increasingly distinct strategies. Lancôme deployed an immersive visual exhibition to reinforce its brand narrative, while the potential Estée Lauder-Puig merger points to structural consolidation at the top tier of global luxury beauty. Pechoin, meanwhile, is reviving its color cosmetics line with a focus on the lip category. And ahead of International Women’s Day, Louis Vuitton launched its new women’s fragrance, eLVes, in China — using scent to strengthen its emotional connection with consumers. Together, these moves reflect a sector evolving on multiple fronts — deepening brand equity, pursuing consolidation, and expanding into new categories. This month, we examine three stories that define those dynamics. Augustinus Bader x Teresa Cheung limited-edition lipsticks sell out Luxury skincare brand Augustinus Bader partnered with Teresa Cheung (章小蕙) — a Hong Kong socialite turned Xiaohongshu livestreaming influencer, known for her lifestyle channel A Rose Is a Rose — to launch a China-exclusive tinted lip balm, Moab Rose. The product sold out on release, and Cheung shared the collaboration process with fans during a livestream. The lip balm draws its shade from the natural, muted tones of the Moab rose and is built on Augustinus Bader’s proprietary TFC8 technology. Designed to deliver a “My Lips, But Better” effect, it is marketed as enhancing the natural lip while maintaining a healthy, luminous appearance. Unlike conventional formulations that simply combine active ingredients, TFC8 functions as a delivery system, directing key components to the skin. Why this matters Augustinus Bader has built a strong track record in collaborations. Its partnership with Dua Lipa expanded the brand’s reach among younger consumers globally; its work with Cheung represents a more targeted entry into China’s beauty ecosystem. Cheung brings influence and credibility that extend beyond product formulation. A prominent figure on Chinese social media, her livestreams consistently convert attention into sales. In January, her appearance on the talk show “Chen Luyu – Slow Talk” drew 4.47 million views on Bilibili. At 61, she leverages her life experience and refined taste to command trust among younger women — making her an effective translator of brand value to Chinese consumers. For the collaboration, Cheung worked with Augustinus Bader to develop a nude shade suited to Asian skin tones, challenging the perception that nude lip colors appear washed out on deeper complexions. The pairing of the brand’s scientific credentials with Cheung’s aesthetic credibility produced a product positioned to resonate with Chinese consumers on both a functional and cultural level. Aesop opens a women's library in Chongqing Aesop opened its Women’s Library in Chongqing, themed around the phrase “See the Mountain, See the Water, See Her.” The concept draws on the city’s mountainous terrain as a dual metaphor for femininity — the enduring strength of a mountain, the fluid adaptability of water. Nine female curators from diverse backgrounds led the selection process, producing a reading list of 36 works that celebrates women's resilience across the city’s varied cultural landscape. The Chongqing Paradise Walk store served as the first stop of this year’s library tour, open to the public from March 23 to 27. In keeping with tradition, product shelves were cleared and replaced with books by or about women, available for visitors to take home free of charge. Curators shared their perspectives on reading, writing, and life throughout the event. Why this matters Aesop’s name evokes storytelling — a connection the brand has cultivated deliberately. Since launching its first Women’s Literature Library in Singapore in 2022, it has expanded the initiative across the region. A similar project in Shanghai in 2023 drew long queues, demonstrating the event's ability to generate cultural traction outside a conventional retail context. By removing products from the equation entirely, Aesop reframes the store as a community space rather than a point of sale. To date, the initiative has distributed more than 115,000 books. It continues in Wuhan in June. Chicmax's net profit jumps 43% in 2025 Chicmax released its 2025 annual results on March 26. The company generated 9.18 billion RMB ($1.29 billion) in revenue, up 35.1% YoY, with net profit reaching 1.15 billion RMB ($162 million), a 43.7% increase. Gross profit stood at 7.02 billion RMB ($985 million), and the gross margin rose 1.21 percentage points to 76.43%. Within the portfolio, flagship brand Kans posted annual revenue of 7.36 billion RMB ($1.03 billion), up 31.6% YoY. New Page, a skincare brand targeting sensitive baby and children’s skin, reached 880 million RMB ($123 million) in revenue, up 134% YoY — emerging as the group's second major growth driver. Chicmax has repositioned itself as an “investment-driven cosmetics brand management company” — signaling an accelerated push into brand acquisition and portfolio expansion. Why this matters Founded in 2002, Chicmax has built a diversified portfolio spanning mass skincare, maternal and children’s care, personal care, color cosmetics, and efficacy and luxury skincare — incubating brands including Kans, New Page, and One Leaf. Kans remained dominant in 2025, topping Douyin’s beauty rankings, while cumulative sales of its hero product, Red Waist (红蛮腰), exceeded 18.1 million units across channels. Despite its multi-brand portfolio, Chicmax remains dependent on Kans, which continues to account for the bulk of group revenue. Kans built its reputation through TV shopping and traditional advertising, establishing itself as an accessible mass-market brand. Short-form drama marketing and brand sponsorships have worked to modernize its appeal, but the underlying value-for-money perception persists. That positioning creates tension with Chicmax’s broader premiumization ambitions: if consumers equate the group primarily with Kans — and Kans with mass-market value — Chicmax could face a brand equity deficit when competing against international luxury labels or domestic efficacy-focused players such as Bloomage Biotechnology and Giant Biogene. Kans remains the business’ anchor — and its constraint. If emerging segments such as efficacy skincare and luxury lines remain in prolonged investment phases without delivering returns, Chicmax faces a structural bind: it cannot afford to let Kans stagnate, yet the brand’s mass-market identity may cap the group’s premiumization trajectory. The Jing Beauty column tracks the brands, deals, and consumer shifts shaping the beauty and skincare market. From product collaborations and cultural activations to earnings results and portfolio strategy, we report on the developments that matter to luxury and beauty professionals operating in the world’s most competitive ecosystems.

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Jing Beauty: Augustinus Bader x Teresa Cheung, Aesop’s library; Chicmax’s profit surge