'All girls, buy it!' In China, Perfect Diary gives cosmetics world a makeover with live streams, low prices

By Sophie Yu and Scott Murdoch
BEIJING/HONG KONG (Reuters) - With chat groups, video streams and low prices for foundation, China's Perfect Diary has emerged from nowhere four years ago to become a cosmetics giant for the digital age, trailing only L'Oreal and LVMH in the world's no. 2 market for make-up.
The Guangzhou-based beauty unicorn is now setting its sights on a Hong Kong initial public offering (IPO). Before that, it's driving into Southeast Asia, targeting more millennial social media users like Wen Shan, a 21-year-old student from Guangdong.
Wen has ditched Western brands like NARS and Revlon and devotes her annual budget of 3,000 yuan ($434) to Perfect Diary cosmetics like eyeshadow palettes. Most cost less than 100 yuan and are made by the same contract manufacturers that supply Western brands.
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