Compared to 2018, L'Oreal Vietnam maintained the throne with a market share of 18% - an increase of 3% while Shiseido decreased by 1.8% to 11.3%. According to Euromonitor International's report, M.O.I Cosmetics - a Vietnamese cosmetics brand founded by celebrities Ho Ngoc Ha and Lam Thanh Kim is the only Vietnamese enterprise in the Top 10 makeup cosmetics market share from 2018 to the present.
M.O.I's market share increased rapidly from 0.9% (2018) to 3.2% (2022) and is closely following the previous name, Revlon. In this statistical table, the market share of the top 10 accounts for 80.7% of the market and most of them record growth in 2022 compared to 2021.
Compared to 2018, L'Oreal Vietnam maintained the throne with a market share of 18% - an increase of 3% while Shiseido decreased by 1.8% to 11.3%.
Despite being a young brand, M.O.I Cosmetics is currently the only Vietnamese company in the top 10 in terms of cosmetics market share, with an estimated 90% of the playing field belonging to foreign hands.
Regarding M.O.I, in 2018 the brand officially launched its first product line, the Hongocha Secret lipstick line. At this time, M.O.I's model is compared to America's Kylie Jenner (the world's youngest self-made female billionaire with Kylie Cosmetics). What is similar is that the two founders of the two brands are both famous and influential in fashion and beauty in their fields.
Of course, Kylie Jenner is international. But in Vietnam, Ho Ngoc Ha is also the person who inspires fashion and beauty for the majority of Vietnamese women. According to Q&Me's report (July 2022), Ho Ngoc Ha is ranked number 1 of the "top cosmetics influence".
"Unlike Kylie Jenner, M.O.I does not create products that are flashy and different in fashion, we create quality, convenient, affordable beauty products specifically for Vietnamese people," CEO Lam Thanh Kim said.
The evidence is that before the launch, M.O.I was known to have rejected up to 50 emails, and only 1 email was responded to in order to reach the manufacturing factory in Korea. The result of this process is the market's acceptance, M.O.I continuously "sold out" with many subsequent collections.
Starting from 30,000 lipsticks, M.O.I has now developed a variety of 20 skincare and makeup product lines, with more than 4 million products sold. The company has also developed a distribution chain of 90 stores nationwide with thousands of distributor partners.
In a recent sharing, CEO Lam Thanh Kim said: "If we talk about the roadmap, M.O.I meets expectations, which means launching product lines from lipstick, liquid foundation, powder, mask, and cleanser. face, "magic water". In terms of % target for revenue, except for 2021, which only operates for about 6 months due to the Covid-19 outbreak, the remaining years of M.O.I all met expectations, with an average growth of 150% per year.
Currently, the key product and the line that defines the M.O.I brand is still lipstick, because lipstick still has the largest market share in beauty needs. However, the product that greatly changes M.O.I's business metrics is the Baby Skin Cushion line. This is the "cash cow" in the Company's revenue in the last 2 years.
According to Lam Thanh Kim, M.O.I Cosmetics' powder line is well received because it is suitable for the climate, skin color, and skin characteristics as well as the "insight" of Vietnamese people. This product now clearly demonstrates the problem we set from the beginning, which is to research products based on Vietnamese characteristics.
With galloping growth, M.O.I Cosmetics is known to have officially made a profit since 2019. This is also the year M.O.I successfully deployed a Series A capital call, and shook hands with strategic investor CMG.Asia.
In the proposed roadmap, the next milestone is in 2023-2024, M.O.I will call for capital for a Series B round to expand the market and develop more product lines to serve customers. At the end of last year, the M.O.I CEO revealed that he was working with a number of partners who wanted to invest and develop.
In the next 5 years, M.O.I shares that it wants to target 90% of the market share belonging to current international brands (only 10% of the market share in the cosmetics industry in Vietnam belongs to domestic brands).
(Nhip song thi truong)