Meiyume Sets Foot in Vietnam's Vibrant Beauty Market
The global B2B leader in end-to-end beauty manufacturing provides tailored solutions to bring local beauty secrets to life.
HO CHI MINH CITY, Vietnam, May 11, 2023 /PRNewswire/ -- Meiyume, a globally trusted beauty solutions provider, is thrilled to announce its expansion into the dynamic Vietnamese market. This expansion enables local beauty brands to elevate their products with Meiyume's science-driven solutions – leveraging data and insights to develop the finest products that are tailored to the unique characteristics of any market.
As among the world's top emerging economies, Vietnam is gaining attention for its rapid demographic and technological changes. The beauty sector is expected to reach a staggering US$ 3.86 billion (VND 90.38 trillion) by 2026 with a forecasted CAGR of 10.07%. Furthermore, the growing middle-class population are investing approximately US$19 to US$21 (VND 445,000 to VND 491,800) monthly on makeup and skincare products.
Given the competitive climate, Meiyume enables product and retail solutions that are fortified with rapid prototyping methods providing a first-mover advantage to help beauty brands make their mark in the market.
As a credible industry player, Meiyume develops a broad range of innovative solutions, including packaging design, complex formulations, and turnkey manufacturing across various product categories, including personal care, skin care, colour cosmetics, sun care, oral care, and feminine wash.
The end-to-end manufacturer prioritizes cost efficiency and order quantity flexibility to accommodate the local spending power, mirroring the ever-changing landscape. In addition, the company incorporates rapid prototyping into the product development process, ensuring clients efficiently receive high-quality, innovative products that meet their specific needs. This further corroborates Meiyume's commitment to empower beauty enterprises by creating award-winning, sustainable products at competitive costs.
"Meiyume's competitive advantage lies in the expansive global reach of our operations, including strategically located sales and sourcing offices, as well as cutting-edge manufacturing facilities. Our customer-centric approach prioritizes individuality and caters to the unique needs of customers across the US, Europe, and Asia Pacific. Through this expansion, we hope to partner with beauty brands in the region to optimize their operations by providing innovative and bespoke solutions unique to the Vietnamese market," said Thierry Rabu, CEO of Meiyume.
In addition, Meiyume vows to shape the beauty industry's future by deploying sustainable strategies into every aspect of its operations to drive Vietnam towards its Net Zero goals.
For more information, visit www.meiyume.com.
Meiyume is a partner and orchestrator in everything beauty, delivering end-to-end solutions covering packaging design, engineering, manufacturing, formulation, filling, and retail implementation. Meiyume is committed to empowering beauty for a sustainable future by combining the company's insights and in-house expertise with vast global sourcing network to bring the vision of brands and retailers to life. Meiyume is one of three product vertical businesses (Beauty, Sweaters, Furniture) formerly part of Li & Fung, which were divested in April 2018 and today operate as LH Pegasus which is owned 45% by Hony Capital and 55% by the Fung Group.
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