封面
市場調查報告書
商品編碼
1946449

爽膚水市場 - 全球產業規模、佔有率、趨勢、機會及預測(按類型、產品、銷售管道、地區和競爭格局分類,2021-2031年)

Skin Toner Market - Global Industry Size, Share, Trends, Opportunity, and Forecast, Segmented By Form, By Product, By Sales Channel, By Region & Competition, 2021-2031F

出版日期: | 出版商: TechSci Research | 英文 186 Pages | 商品交期: 2-3個工作天內

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簡介目錄

全球爽膚水市場預計將從 2025 年的 8.4265 億美元成長到 2031 年的 11.3895 億美元,複合年成長率為 5.15%。

這些液體護膚品在潔面後使用,可去除殘留雜質、平衡肌膚pH值並滋潤表皮。推動市場成長要素是全面護膚程序的日益普及以及消費者對維護皮膚屏障重要性的認知不斷提高。此外,電子商務平台的蓬勃發展顯著擴大了全球消費者獲取各種配方產品的管道,使品牌能夠有效地觸及先前未開發的消費群體。

市場概覽
預測期 2027-2031
市場規模:2025年 8.4265億美元
市場規模:2031年 1,138,950,000 美元
複合年成長率:2026-2031年 5.15%
成長最快的細分市場 線上
最大的市場 亞太地區

然而,新興市場仿冒品的氾濫嚴重阻礙了品牌發展,損害了品牌形象,削弱了消費者信任。根據歐洲化妝品協會(Cosmetics Europe)的數據,到2024年,護膚品將成為歐洲化妝品市場最大的細分領域,佔零售總額的28.9%。儘管這一數字表明了該行業的強勁勢頭,但非法貿易帶來的風險正迫使老牌製造商增加對供應鏈安全和認證措施的投資,以維護其市場地位。

市場促進因素

消費者對潔淨標示和有機成分的需求日益成長,正在從根本上改變全球化妝水市場。消費者越來越重視成分標籤,拋棄酒精等刺激性化學物質,轉而選擇溫和有效的植物萃取物。這一趨勢迫使製造商重新設計產品,並尋求能夠證明其透明度的認證。這一趨勢的經濟影響顯而易見:根據英國土壤協會於2024年4月發布的《有機美容與健康市場報告》,英國經認證的清潔美容產品的銷量成長了11%。這一成長顯示消費者明顯偏好環保配方,並促使各大品牌在其化妝水線中優先考慮天然成分。

韓妝和亞洲護膚理念的全球傳播進一步推動了保濕爽膚水的流行。與西方用於去除油脂的化妝水不同,亞洲的「精華」強調深層保濕和修復肌膚屏障。這種影響促使營養豐富、質地黏稠的爽膚水風靡一時,其功效介於洗面乳和精華液之間。這種文化轉變帶來的經濟影響十分顯著。根據韓國食品藥品安全部2025年1月發布的報告,韓國基礎護膚出口額在2024年達到創紀錄的76.7億美元。這項需求支撐著整個產業的成長,歐萊雅在2024年7月發布的報告顯示,其消費品部門上半年的銷售額年增8.9%。

市場挑戰

新興市場假冒化妝水的氾濫嚴重損害了品牌價值,削弱了消費者信任,對產業擴張構成重大阻礙。正品旨在平衡肌膚酸鹼度並滋潤保濕,而非法仿冒品往往含有劣質或危險成分,且未經嚴格的安全測試。消費者常常在不知情的情況下購買這些低品質產品,一旦出現皮膚問題,便會責怪原生產商。這種錯誤歸因會破壞維繫客戶忠誠度所需的信任,並使成熟品牌在智慧財產權保護薄弱的地區更難維持其市場地位。

這種非法貿易的規模經濟直接降低了合法製造商的收入,並造成了扭曲的競爭環境。低成本仿冒品的存在迫使合法品牌與營業單位無需承擔同等生產和合規成本的實體競爭,導致市場佔有率大幅下降。根據歐盟智慧財產局(EUIPO)預測,到2024年,仿冒品將使化妝品產業每年損失約30億歐元的銷售額,相當於該產業總收入的4.8%。合法收入的這種巨大損失限制了企業對產品創新進行再投資的能力,最終減緩了全球化妝水市場的整體成長。

市場趨勢

隨著消費者越來越重視護膚效率而非繁瑣的多步驟流程,一種轉向「護膚至上」的多功能混合型產品的趨勢正在重塑產品開發策略。這一趨勢推動了「乳霜化妝水」和「精華化妝水」的研發,它們結合了傳統化妝水的pH平衡功效以及精華液和保濕霜中活性成分的益處。這些整合了護膚步驟的混合配方,吸引了注重成本、追求高效且不犧牲功效的消費者。這種簡化方法的商業性成功在近期發布的財務報告中得到了體現。例如,聯合利華於2025年2月發布的「2024會計年度」全年業績顯示,個人保健部門實現了5.2%的銷售額成長,這主要得益於其多功能創新產品(如三合一臉部保養產品)的推廣。

同時,身體保養領域的多元化發展標誌著該品類的顯著擴張,這通常被描述為「身體保養向護膚的轉變」。製造商正積極將強效臉部爽膚水成分(例如去角質酸和抗氧化劑)融入到針對特定問題的「身體爽膚水」中,例如身體痤瘡、皮膚粗糙和色素沉著。這項措施正在將身體保養從基礎清潔轉變為針對性護理,鼓勵消費者養成類似於臉部臉部保養的全面全身護理習慣。正如拜爾斯道夫在2025年2月發布的2024年度報告中所述,該公司旗下擁有優色林和Aquaphor等品牌的皮膚護理部門實現了10.6%的有機銷售成長,這主要得益於身體保養和臉部保養品類的強勁需求。

目錄

第1章概述

第2章調查方法

第3章執行摘要

第4章:客戶評價

第5章 全球爽膚水市場展望

  • 市場規模及預測
    • 按金額
  • 市佔率及預測
    • 依形態(液體、霧狀)
    • 依產品(有機、常規)
    • 依銷售管道(超級市場/大賣場、專賣店、線上、其他)
    • 按地區
    • 按公司(2025 年)
  • 市場地圖

第6章:北美爽膚水市場展望

  • 市場規模及預測
  • 市佔率及預測
  • 北美洲:國家分析
    • 美國
    • 加拿大
    • 墨西哥

第7章:歐洲爽膚水市場展望

  • 市場規模及預測
  • 市佔率及預測
  • 歐洲:國家分析
    • 德國
    • 法國
    • 英國
    • 義大利
    • 西班牙

8. 亞太地區爽膚水市場展望

  • 市場規模及預測
  • 市佔率及預測
  • 亞太地區:國家分析
    • 中國
    • 印度
    • 日本
    • 韓國
    • 澳洲

9. 中東與非洲爽膚水市場展望

  • 市場規模及預測
  • 市佔率及預測
  • 中東和非洲:國家分析
    • 沙烏地阿拉伯
    • 阿拉伯聯合大公國
    • 南非

第10章:南美洲爽膚水市場展望

  • 市場規模及預測
  • 市佔率及預測
  • 南美洲:國家分析
    • 巴西
    • 哥倫比亞
    • 阿根廷

第11章 市場動態

  • 促進要素
  • 任務

第12章 市場趨勢與發展

  • 併購
  • 產品發布
  • 最新進展

第13章 全球爽膚水市場:SWOT分析

第14章 波特五力分析

  • 產業競爭
  • 新進入者的可能性
  • 供應商電力
  • 顧客權力
  • 替代品的威脅

第15章 競爭格局

  • The Body Shop
  • Dermalogica Inc.
  • Dickinson Brands Inc.
  • Dr. Hauschka
  • Johnson & Johnson Consumer Inc.
  • L'Oreal SA
  • La Mer Technology, Inc.
  • Mario Badescu Skin Care, Inc.
  • Milk Makeup LLP.
  • Pixi Inc.

第16章 策略建議

第17章:關於研究公司及免責聲明

簡介目錄
Product Code: 19698

The Global Skin Toner Market is projected to rise from a valuation of USD 842.65 Million in 2025 to USD 1138.95 Million by 2031, expanding at a CAGR of 5.15%. These liquid skincare products are typically applied after cleansing to eliminate remaining impurities, rebalance pH levels, and hydrate the epidermis. The market is primarily driven by the growing adoption of thorough daily skincare routines and increased consumer awareness regarding the necessity of skin barrier maintenance. Additionally, the growth of e-commerce platforms has greatly broadened global access to various formulations, enabling brands to effectively engage with previously untapped demographic groups.

Market Overview
Forecast Period2027-2031
Market Size 2025USD 842.65 Million
Market Size 2031USD 1138.95 Million
CAGR 2026-20315.15%
Fastest Growing SegmentOnline
Largest MarketAsia Pacific

However, the widespread availability of counterfeit goods in emerging markets creates a significant barrier to growth by damaging brand reputation and eroding consumer confidence. Data from Cosmetics Europe indicates that in 2024, skincare products represented the largest segment of the European cosmetics market, holding a 28.9 percent retail sales share. While this figure demonstrates the sector's strength, the risk posed by illicit trade compels established manufacturers to invest substantially in supply chain security and authentication measures to defend their market position.

Market Driver

The rising consumer demand for clean label and organic ingredients is fundamentally transforming the global skin toner landscape. Shoppers are increasingly examining ingredient labels, rejecting harsh chemicals such as alcohol in favor of botanical extracts that provide results without irritation. This trend forces manufacturers to reformulate their offerings and pursue certifications that verify transparency. The economic strength of this movement is clear; the Soil Association's 'Organic Beauty and Wellbeing Market Report' from April 2024 noted that sales of certified clean beauty products in the United Kingdom increased by 11 percent. This rise indicates a distinct preference for eco-friendly formulations, prompting brands to prioritize natural ingredients in their toner lines.

The global spread of K-Beauty and Asian skincare philosophies has further hastened the uptake of hydrating toners. Unlike Western astringents traditionally used to strip oil, Asian-style "essences" emphasize deep hydration and barrier repair. This influence has normalized the use of nutrient-rich, viscous toners that act as hybrids between cleansers and serums. The economic impact of this cultural shift is significant; the Ministry of Food and Drug Safety reported in January 2025 that South Korea's exports of basic skincare products hit a record 7.67 billion dollars in 2024. This demand supports broader industry growth, as evidenced by L'Oreal, which reported in July 2024 that its Consumer Products Division achieved a like-for-like sales increase of 8.9 percent in the first half of the year.

Market Challenge

The proliferation of counterfeit skin toners in emerging markets constitutes a serious obstacle to industry expansion by severely harming brand equity and destabilizing consumer trust. While authentic formulations are designed to restore pH balance and hydrate the skin, illicit replicas often contain inferior or dangerous ingredients that bypass strict safety testing. When consumers unknowingly buy these low-quality goods and suffer adverse skin reactions, they frequently blame the legitimate manufacturer. This misattribution degrades the trust necessary for lasting customer loyalty, making it increasingly hard for established brands to maintain their presence in regions with weak intellectual property enforcement.

The economic scale of this illicit trade directly diminishes the revenue of authorized manufacturers, resulting in a distorted competitive environment. The existence of lower-priced fakes compels genuine brands to compete against entities that do not face comparable production and compliance costs, leading to significant market share loss. According to the European Union Intellectual Property Office (EUIPO), the cosmetics sector lost approximately €3 billion in annual sales in 2024 due to counterfeit products, amounting to 4.8 percent of the sector's total revenue. This substantial diversion of legitimate income limits companies' ability to reinvest in product innovation, thereby slowing the overall growth of the global skin toner market.

Market Trends

The shift toward "skinimalist" multi-functional hybrids is reshaping product development strategies as consumers increasingly favor efficiency over complex multi-step routines. This trend is fueling the creation of "cream-toners" and "serum-toners" that combine the pH-balancing effects of traditional toners with the active benefits of serums or moisturizers. By merging skincare steps, these hybrid formulations attract value-conscious consumers looking for streamlined effectiveness without sacrificing results. The commercial success of this simplified approach is reflected in recent financial reports; for instance, Unilever's 'Full Year 2024 Results' in February 2025 showed that its Personal Care division achieved an underlying sales growth of 5.2 percent, significantly supported by the expansion of multi-benefit innovations like 3-in-1 face care treatments.

Concurrently, the diversification into body care applications marks a major expansion of the category, often described as the "skinification" of body rituals. Manufacturers are increasingly adapting potent facial toner ingredients, such as exfoliating acids and antioxidants, into large-format "body toners" aimed at addressing specific issues like body acne, rough texture, and hyperpigmentation. This movement upgrades body care from basic hygiene to targeted treatment, encouraging consumers to adopt comprehensive full-body regimens similar to their facial routines. As noted in Beiersdorf's 'Annual Report 2024' released in February 2025, the company's Derma business unit, which includes Eucerin and Aquaphor, recorded organic sales growth of 10.6 percent, driven by strong demand across both Body and Face categories.

Key Market Players

  • The Body Shop
  • Dermalogica Inc.
  • Dickinson Brands Inc.
  • Dr. Hauschka
  • Johnson & Johnson Consumer Inc.
  • L'Oreal S.A.
  • La Mer Technology, Inc.
  • Mario Badescu Skin Care, Inc.
  • Milk Makeup LLP.
  • Pixi Inc.

Report Scope

In this report, the Global Skin Toner Market has been segmented into the following categories, in addition to the industry trends which have also been detailed below:

Skin Toner Market, By Form

  • Fluid
  • Mist

Skin Toner Market, By Product

  • Organic
  • Conventional

Skin Toner Market, By Sales Channel

  • Supermarkets/Hypermarkets
  • Specialty Stores
  • Online
  • Others

Skin Toner Market, By Region

  • North America
    • United States
    • Canada
    • Mexico
  • Europe
    • France
    • United Kingdom
    • Italy
    • Germany
    • Spain
  • Asia Pacific
    • China
    • India
    • Japan
    • Australia
    • South Korea
  • South America
    • Brazil
    • Argentina
    • Colombia
  • Middle East & Africa
    • South Africa
    • Saudi Arabia
    • UAE

Competitive Landscape

Company Profiles: Detailed analysis of the major companies present in the Global Skin Toner Market.

Available Customizations:

Global Skin Toner Market report with the given market data, TechSci Research offers customizations according to a company's specific needs. The following customization options are available for the report:

Company Information

  • Detailed analysis and profiling of additional market players (up to five).

Table of Contents

1. Product Overview

  • 1.1. Market Definition
  • 1.2. Scope of the Market
    • 1.2.1. Markets Covered
    • 1.2.2. Years Considered for Study
    • 1.2.3. Key Market Segmentations

2. Research Methodology

  • 2.1. Objective of the Study
  • 2.2. Baseline Methodology
  • 2.3. Key Industry Partners
  • 2.4. Major Association and Secondary Sources
  • 2.5. Forecasting Methodology
  • 2.6. Data Triangulation & Validation
  • 2.7. Assumptions and Limitations

3. Executive Summary

  • 3.1. Overview of the Market
  • 3.2. Overview of Key Market Segmentations
  • 3.3. Overview of Key Market Players
  • 3.4. Overview of Key Regions/Countries
  • 3.5. Overview of Market Drivers, Challenges, Trends

4. Voice of Customer

5. Global Skin Toner Market Outlook

  • 5.1. Market Size & Forecast
    • 5.1.1. By Value
  • 5.2. Market Share & Forecast
    • 5.2.1. By Form (Fluid, Mist)
    • 5.2.2. By Product (Organic, Conventional)
    • 5.2.3. By Sales Channel (Supermarkets/Hypermarkets, Specialty Stores, Online, Others)
    • 5.2.4. By Region
    • 5.2.5. By Company (2025)
  • 5.3. Market Map

6. North America Skin Toner Market Outlook

  • 6.1. Market Size & Forecast
    • 6.1.1. By Value
  • 6.2. Market Share & Forecast
    • 6.2.1. By Form
    • 6.2.2. By Product
    • 6.2.3. By Sales Channel
    • 6.2.4. By Country
  • 6.3. North America: Country Analysis
    • 6.3.1. United States Skin Toner Market Outlook
      • 6.3.1.1. Market Size & Forecast
        • 6.3.1.1.1. By Value
      • 6.3.1.2. Market Share & Forecast
        • 6.3.1.2.1. By Form
        • 6.3.1.2.2. By Product
        • 6.3.1.2.3. By Sales Channel
    • 6.3.2. Canada Skin Toner Market Outlook
      • 6.3.2.1. Market Size & Forecast
        • 6.3.2.1.1. By Value
      • 6.3.2.2. Market Share & Forecast
        • 6.3.2.2.1. By Form
        • 6.3.2.2.2. By Product
        • 6.3.2.2.3. By Sales Channel
    • 6.3.3. Mexico Skin Toner Market Outlook
      • 6.3.3.1. Market Size & Forecast
        • 6.3.3.1.1. By Value
      • 6.3.3.2. Market Share & Forecast
        • 6.3.3.2.1. By Form
        • 6.3.3.2.2. By Product
        • 6.3.3.2.3. By Sales Channel

7. Europe Skin Toner Market Outlook

  • 7.1. Market Size & Forecast
    • 7.1.1. By Value
  • 7.2. Market Share & Forecast
    • 7.2.1. By Form
    • 7.2.2. By Product
    • 7.2.3. By Sales Channel
    • 7.2.4. By Country
  • 7.3. Europe: Country Analysis
    • 7.3.1. Germany Skin Toner Market Outlook
      • 7.3.1.1. Market Size & Forecast
        • 7.3.1.1.1. By Value
      • 7.3.1.2. Market Share & Forecast
        • 7.3.1.2.1. By Form
        • 7.3.1.2.2. By Product
        • 7.3.1.2.3. By Sales Channel
    • 7.3.2. France Skin Toner Market Outlook
      • 7.3.2.1. Market Size & Forecast
        • 7.3.2.1.1. By Value
      • 7.3.2.2. Market Share & Forecast
        • 7.3.2.2.1. By Form
        • 7.3.2.2.2. By Product
        • 7.3.2.2.3. By Sales Channel
    • 7.3.3. United Kingdom Skin Toner Market Outlook
      • 7.3.3.1. Market Size & Forecast
        • 7.3.3.1.1. By Value
      • 7.3.3.2. Market Share & Forecast
        • 7.3.3.2.1. By Form
        • 7.3.3.2.2. By Product
        • 7.3.3.2.3. By Sales Channel
    • 7.3.4. Italy Skin Toner Market Outlook
      • 7.3.4.1. Market Size & Forecast
        • 7.3.4.1.1. By Value
      • 7.3.4.2. Market Share & Forecast
        • 7.3.4.2.1. By Form
        • 7.3.4.2.2. By Product
        • 7.3.4.2.3. By Sales Channel
    • 7.3.5. Spain Skin Toner Market Outlook
      • 7.3.5.1. Market Size & Forecast
        • 7.3.5.1.1. By Value
      • 7.3.5.2. Market Share & Forecast
        • 7.3.5.2.1. By Form
        • 7.3.5.2.2. By Product
        • 7.3.5.2.3. By Sales Channel

8. Asia Pacific Skin Toner Market Outlook

  • 8.1. Market Size & Forecast
    • 8.1.1. By Value
  • 8.2. Market Share & Forecast
    • 8.2.1. By Form
    • 8.2.2. By Product
    • 8.2.3. By Sales Channel
    • 8.2.4. By Country
  • 8.3. Asia Pacific: Country Analysis
    • 8.3.1. China Skin Toner Market Outlook
      • 8.3.1.1. Market Size & Forecast
        • 8.3.1.1.1. By Value
      • 8.3.1.2. Market Share & Forecast
        • 8.3.1.2.1. By Form
        • 8.3.1.2.2. By Product
        • 8.3.1.2.3. By Sales Channel
    • 8.3.2. India Skin Toner Market Outlook
      • 8.3.2.1. Market Size & Forecast
        • 8.3.2.1.1. By Value
      • 8.3.2.2. Market Share & Forecast
        • 8.3.2.2.1. By Form
        • 8.3.2.2.2. By Product
        • 8.3.2.2.3. By Sales Channel
    • 8.3.3. Japan Skin Toner Market Outlook
      • 8.3.3.1. Market Size & Forecast
        • 8.3.3.1.1. By Value
      • 8.3.3.2. Market Share & Forecast
        • 8.3.3.2.1. By Form
        • 8.3.3.2.2. By Product
        • 8.3.3.2.3. By Sales Channel
    • 8.3.4. South Korea Skin Toner Market Outlook
      • 8.3.4.1. Market Size & Forecast
        • 8.3.4.1.1. By Value
      • 8.3.4.2. Market Share & Forecast
        • 8.3.4.2.1. By Form
        • 8.3.4.2.2. By Product
        • 8.3.4.2.3. By Sales Channel
    • 8.3.5. Australia Skin Toner Market Outlook
      • 8.3.5.1. Market Size & Forecast
        • 8.3.5.1.1. By Value
      • 8.3.5.2. Market Share & Forecast
        • 8.3.5.2.1. By Form
        • 8.3.5.2.2. By Product
        • 8.3.5.2.3. By Sales Channel

9. Middle East & Africa Skin Toner Market Outlook

  • 9.1. Market Size & Forecast
    • 9.1.1. By Value
  • 9.2. Market Share & Forecast
    • 9.2.1. By Form
    • 9.2.2. By Product
    • 9.2.3. By Sales Channel
    • 9.2.4. By Country
  • 9.3. Middle East & Africa: Country Analysis
    • 9.3.1. Saudi Arabia Skin Toner Market Outlook
      • 9.3.1.1. Market Size & Forecast
        • 9.3.1.1.1. By Value
      • 9.3.1.2. Market Share & Forecast
        • 9.3.1.2.1. By Form
        • 9.3.1.2.2. By Product
        • 9.3.1.2.3. By Sales Channel
    • 9.3.2. UAE Skin Toner Market Outlook
      • 9.3.2.1. Market Size & Forecast
        • 9.3.2.1.1. By Value
      • 9.3.2.2. Market Share & Forecast
        • 9.3.2.2.1. By Form
        • 9.3.2.2.2. By Product
        • 9.3.2.2.3. By Sales Channel
    • 9.3.3. South Africa Skin Toner Market Outlook
      • 9.3.3.1. Market Size & Forecast
        • 9.3.3.1.1. By Value
      • 9.3.3.2. Market Share & Forecast
        • 9.3.3.2.1. By Form
        • 9.3.3.2.2. By Product
        • 9.3.3.2.3. By Sales Channel

10. South America Skin Toner Market Outlook

  • 10.1. Market Size & Forecast
    • 10.1.1. By Value
  • 10.2. Market Share & Forecast
    • 10.2.1. By Form
    • 10.2.2. By Product
    • 10.2.3. By Sales Channel
    • 10.2.4. By Country
  • 10.3. South America: Country Analysis
    • 10.3.1. Brazil Skin Toner Market Outlook
      • 10.3.1.1. Market Size & Forecast
        • 10.3.1.1.1. By Value
      • 10.3.1.2. Market Share & Forecast
        • 10.3.1.2.1. By Form
        • 10.3.1.2.2. By Product
        • 10.3.1.2.3. By Sales Channel
    • 10.3.2. Colombia Skin Toner Market Outlook
      • 10.3.2.1. Market Size & Forecast
        • 10.3.2.1.1. By Value
      • 10.3.2.2. Market Share & Forecast
        • 10.3.2.2.1. By Form
        • 10.3.2.2.2. By Product
        • 10.3.2.2.3. By Sales Channel
    • 10.3.3. Argentina Skin Toner Market Outlook
      • 10.3.3.1. Market Size & Forecast
        • 10.3.3.1.1. By Value
      • 10.3.3.2. Market Share & Forecast
        • 10.3.3.2.1. By Form
        • 10.3.3.2.2. By Product
        • 10.3.3.2.3. By Sales Channel

11. Market Dynamics

  • 11.1. Drivers
  • 11.2. Challenges

12. Market Trends & Developments

  • 12.1. Merger & Acquisition (If Any)
  • 12.2. Product Launches (If Any)
  • 12.3. Recent Developments

13. Global Skin Toner Market: SWOT Analysis

14. Porter's Five Forces Analysis

  • 14.1. Competition in the Industry
  • 14.2. Potential of New Entrants
  • 14.3. Power of Suppliers
  • 14.4. Power of Customers
  • 14.5. Threat of Substitute Products

15. Competitive Landscape

  • 15.1. The Body Shop
    • 15.1.1. Business Overview
    • 15.1.2. Products & Services
    • 15.1.3. Recent Developments
    • 15.1.4. Key Personnel
    • 15.1.5. SWOT Analysis
  • 15.2. Dermalogica Inc.
  • 15.3. Dickinson Brands Inc.
  • 15.4. Dr. Hauschka
  • 15.5. Johnson & Johnson Consumer Inc.
  • 15.6. L'Oreal S.A.
  • 15.7. La Mer Technology, Inc.
  • 15.8. Mario Badescu Skin Care, Inc.
  • 15.9. Milk Makeup LLP.
  • 15.10. Pixi Inc.

16. Strategic Recommendations

17. About Us & Disclaimer