Marumi Corporation (603983) Company Review: MARUBITOKYO Adds New Products, Rich High-end Matrix Online, Expected High Growth, Expected Growth

Marumi Corporation (603983) Company Review: MARUBITOKYO Adds New Products, Rich High-end Matrix Online, Expected High Growth, Expected Growth

Marumi 北京夜网 Tokyo launched its third high-end product line to further enrich Marumi’s high-end brand line.

At the end of December 2019, MARUBI TOKYO released the third high-end product series-Japan Zhuzhen Gorgeous Luxury Series, which contains 8 SKUs such as cleansing cream, essence, eye cream, essence, etc., to further enrich the Marubei high-end brand line.
  At the beginning of 2018, Marubei Tokyo launched the Japanese sake royal age ice muscle series in response to the gradual deformation of five young lines of 30+ skin. At the beginning of 2019, in response to the gradual decrease of the elasticity and tenderness of 25+ skin, it launched the Japanese flower elasticity series.According to Marumi Tokyo’s latest aging insights: 35+ women’s wrinkles, dullness, and rashes are coming. Marumi has launched the Japanese Pearl Zhenxi Luxury Series, which focuses on 35+ skin whitening and anti-aging.

In the coming 2021 and 2022, tea and spring-inspired new anti-aging products will be launched one after another to meet the more sophisticated anti-aging needs of new consumer groups.

The first two Marubeni Tokyo high-end series performed well after listing. In 2019, the sales ratio in the CS channel accounted for about 10%, and the department store channel accounted for about 20%.

According to the company’s plan, after all five Maru Tokyo series are available, this category may account for 25-30% of Maru’s CS channel and 50% of department store channels.

  Higher marketing efforts, signed the Chinese National Swimming Team to assist the Tokyo Olympics, launched the big IP marketing wave, and implanted a number of hit dramas to build momentum.

Marumi further perfected its marketing strategy and signed the Chinese National Swimming Team as a brand spokesperson to help the Tokyo Olympics, thus bringing opportunities to increase the promotion of MARUBI TOKYO.

In addition, Marumi increased marketing efforts and implanted a number of hit dramas, such as “Yuan Yu Nian”, a win-win of word-of-mouth and ratings, and Yan Hao’s “Hao Lan Zhuan” created by the original team.

  The brand matrix was initially perfected, Chunji positioned new cutting-edge brands to be renewed, and Lianhuo positioned light luxury make-up.

Chunji has positioned itself as a cutting-edge brand, focusing on natural ingredients for skin care, and launched a number of new and bright products, such as anti-blue light and anti-glycation Chunji blue water, multi-effect repairing egg yolk essence oil.

In terms of make-up, in July 2019, Marumi has bought the remaining 30% of the Korean makeup brand Lianhuo and realized 100% control.

The company ‘s new brand positioning for Lianhuo is “base makeup family from South Korea”. Lianhuo will launch a new essence foundation stick in January 2020, which is rich in moisturizing and anti-wrinkle effects, and has both skin care and base makeup functions.

The price of Lianhuo will be around 200 yuan, positioning the post-90s makeup light luxury, and in the next 10 years, it is determined to become a billion luxury light makeup brand that accompanies the growth of post-90s consumers.

  The growth rate of Marubei online in 2019 is considerable. In 2020, the e-commerce channel, especially the Tmall flagship store, will usher in a high growth.

The company regards 2019 as the first year of e-commerce. The company’s Tmall flagship store has grown significantly since the second half of 1919, and the growth rates in September-December 2019 were 113% / 76% / 54% / 278%, respectivelyElastic protein eye cream during the Double 11.11.

Sales of 980,000 bottles.

Among the company’s e-commerce channels, Vipshop’s revenue contribution accounted for the largest proportion, and Tmall is the channel with the highest market share of beauty sales and the most concentrated traffic. Marubeni still has a lot of room for growth in Tmall flagship stores.

In 2020, the company will increase investment in e-commerce, use more suitable for young marketing, and resonate online and offline. E-commerce channels, especially Tmall flagship stores, are expected to usher in a high growth.

  Unseen points: The company will increase e-commerce investment and gradually increase the Tmall platform to accelerate growth; new brand Marubi Tokyo enhances brand tone and more sophisticated layout; eye cream / anti-fade track continues to grow; brand matrix is gradually improved and emerging brandsChun Ji and make-up brands are in love.

Based on this, we changed the company’s net profit from 4 to 19.



12 increased to 5.



33 ppm, corresponding to PE of 50/38 / 32X, maintaining the buying level.

  Risk reminder: industry competition is fierce, new product sales are less than expected

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