(Yicai Global) June 28 — Koolearn Technology Holding, a Chinese on-line training supplier which discovered a brand new lease of life earlier this month after combining English classes with e-commerce gross sales, might enter the make-up livestreaming market.
Oriental Select Personal Care Makeup lately appeared on Douyin, TikTok’s sister app in China, the place Koolearn’s livestreaming studio Oriental Select sells largely agricultural merchandise. However, the brand new account has not uploaded any content material to date.
New Oriental, Koolearn’s largest shareholder, was compelled to search for new income streams after China final 12 months banned off-campus tutoring for college kids in obligatory training. The Beijing-based firm launched Oriental Select on the finish of December. The variety of followers on Oriental Select exceeded 10 million on June 16, every week sooner than analysts had predicted. Its cumulative gross sales stood at CNY206 million (USD30.7 million) as of the identical day, in response to figures from knowledge company Chanmama.
Koolearn signed up numerous accounts on Douyin whose names are associated to Oriental Select shortly after opening the account to forestall the abuse of the title, Chinese tabloid Southern Metropolis Daily reported yesterday, citing the corporate’s response. Only two accounts, Oriental Select and Oriental Select Books, are in use, it added.
Makeup gross sales from Oriental Select tallied CNY10 million (USD1.5 million), accounting for less than 5 % of the whole, suggesting that there’s nonetheless room for enchancment.
During the 618 procuring competition, Oriental Select was among the many hottest livestreaming rooms, topping CNY300 million (USD44.8 million) mixed gross sales and averaging over 10 million viewers each day. Its enchantment attracted a number of manufacturers, additionally as a result of it solely requires a 15 % gross sales fee and doesn’t cost charges relying on the time hosts spend selling the product.
Koolearn [HKG: 1797] was buying and selling up 3.4 % at HKD17.46 (USD2.23) as of 11.50 a.m. as we speak. The inventory fell almost 40 % from its closing value of HKD28.60 on June 16.
Editor: Futura Costaglione