To date, Chinese brands have typically looked to foreign labels they could make big in China. The success of the Proya brand demonstrates the larger conglomerate’s operational advantages at home. With so many successful beauty brands on the market and a challenging M&A environment dominated by giants like E.l.f. Shiseido has been struggling with skincare brand Drunk Elephant, which it acquired in 2019, and previously sold off Buxom, Bareminerals and Laura Mercier in 2021. But he made it clear that the industry can expect Proya to acquire a “relevant” international brand.