The Chinese fragrance market has welcomed another crossover player.
Recently, Fan Beauty Diary completed the filing for a product named "Pink Cloud Dream Fragrance Roll-on Oil" on the Cosmetics Regulatory APP. Upon seeing this news, YAN BEAUTY REVIEW's first reaction was: it has finally arrived.
Saying "finally" is because this timing can hardly be considered early. To Summer had already brought the story of oriental fragrance to Sanlitun with "Kunlun Boiling Snow" in 2019, and Documents entered high-end malls in 2021 with its "Parfum" featuring a 30% fragrance concentration,
Mao Geping and Proya, which also belong to the beauty camp, have already laid out their strategies in the fragrance track. Among them, Mao Geping has even explicitly defined it as the brand's 'third growth curve'.
In 2026, the scale of China's perfume market has exceeded 250 hundred million yuan, with an annual compound growth rate nearly double that of the global market, and various players have long been carving out their territories.
However, if one looks closely at the filing information for this product, an interesting fact emerges: what Fan Beauty brings does not seem to be a perfume in the traditional sense.
The true intention behind Fan Beauty Diary's entry into the fragrance sector lies in the formula and form choices revealed in the filing information. Its form and logic are quite different from the perfumes we usually know.
1. Form: 4.6 g roll-on oil
Mainstream perfumes on the market, whether EDT (Eau de Toilette) or EDP (Eau de Parfum), are usually 50 ml or 100 ml spray bottles, emphasizing the ritual of spraying and the diffusion of scent in the air. Solid perfume balms emphasize the texture of application, packaged in exquisite small jars, focusing on packaging aesthetics and the tactile experience.
▍ Filing image of Fan Beauty Pink Cloud Dream Fragrance Roll-on Oil
Fan Beauty chose a roll-on oil. With a net content of 4.6 g, it is small enough to fit into any lipstick bag. The roll-on design ensures precise application, avoiding waste in the air like sprays do. More importantly, it naturally allows for reapplication; kept in a bag, one can roll it on the wrists, behind the ears, or on the neck at any time to instantly refresh the scent.
The logic behind this is a deduction of consumer psychology: lowering the decision threshold and creating high-frequency usage scenarios.
2. Formula structure: Crossover between fragrance and cosmetics
Fragrance is the second ingredient on the list, which is uncommon in skincare oil categories. Typically, the amount of fragrance added to skincare products does not exceed 1%, ranking at the end of the ingredient list. This time, the proportion of fragrance is significantly increased, indicating that the product focuses on scent retention and diffusion as its core function, rather than just adding a faint floral scent to the skincare oil.
However, the series of powder ingredients following it is the biggest difference between this product and traditional fragrances: synthetic fluorphlogopite, tin oxide, and calcium aluminum borosilicate, combined with two colorants, CI 77491 (red) and CI 77891 (white). This is a complete pearlescent glitter system. After application, a layer of fine shimmering gloss appears on the skin surface, subtly visible depending on the angle of light.
▍ Filing image of Fan Beauty Pink Cloud Dream Fragrance Roll-on Oil
Therefore, its core usage logic is actually: the roll-on glides over the skin, the fragrance evaporates leaving behind the scent, and the pearlescent glitter adheres to the skin surface to create a glossy effect. Applied to the collarbone, it is a dual overlay of scent and highlighter; applied to the wrist, it is a simultaneous output of aroma and visual appeal. One product covers both fragrance and body highlighter functions.
There is another easily overlooked detail: ethylhexyl methoxycinnamate appears in the ingredients, which is a common chemical sunscreen agent.
In this formula, it is likely not used for sun protection but acts as a photostabilizer to protect the high-content fragrance and plant oils (meadowfoam seed oil, jojoba seed oil, squalane) from oxidation and deterioration after exposure to ultraviolet rays. This addition indicates that the formulation team considered the issue of fragrance easily changing color and smell under light exposure.
Overall, the positioning of "Pink Cloud Dream" is clear: it is not a perfume in the traditional sense, nor does it intend to compete within the existing framework of the fragrance track. It is closer to an instant-application product between perfume and body highlighter, with its product value constituted by gloss paired with scent. This positioning is consistent with Fan Beauty Diary's brand path of driving consumer decisions through visual aesthetics.
Fan Beauty Diary completed the filing for its first fragrance product in mid-summer of 2026, which can be analyzed from three dimensions: the accumulation of the brand's own momentum, the window of opportunity in the external market, and the pressure from industry competition.
● First is the accumulation of the brand's own momentum.
Fan Beauty Diary's growth curve can be considered an outlier among celebrity-created brands. After entering the mask track in 2019, the brand maintained stable growth for 7 consecutive years. In 2021, GMV exceeded 3 hundred million yuan; in 2022, it grew to 8.5 hundred million yuan; and in 2023, it surpassed 11 hundred million yuan. By 2024, annual revenue had reached 14.5 hundred million yuan.
In 2025, this figure further climbed to 18 hundred million yuan, with a scale close to the annual sales of Voolga, a listed company that also started with masks.
From less than 1 hundred million yuan to 18 hundred million yuan, Fan Beauty Diary completed the transformation of a celebrity brand from traffic monetization to branded operations in six years. A scale of 18 hundred million yuan means the brand already possesses a sufficiently large user base, a stable supply chain system, and a mature channel network, all of which are infrastructure supporting a brand's expansion from a single category to multiple categories.
At the same time, the brand's layout in its category matrix is quite complete: with sea grape masks as the absolute core, it has gradually extended into a complete moisturizing product line, covering categories such as cleansers, toners, essences, lotions, and creams; in addition, it has laid out fields such as beauty devices, makeup, body care, and hair care.
Masks lay the foundation, skincare paves the way, and makeup follows, but the fragrance segment has remained blank. For a brand positioned as a full-category beauty brand, this is already the most conspicuous gap in its product matrix.
Filling this fragrance gap is not just for completeness, but for higher margins. The gross margin of the fragrance category is typically as high as 70%-80%, far exceeding the profit margins of most skincare OEM categories. With Fan Beauty Diary's current sales volume of 18 hundred million yuan, even if the fragrance category contributes only 5% of revenue, it would represent an increment of nearly one hundred million yuan.
Against the backdrop of the overall slowdown in the growth of the Chinese beauty market and the increasingly prominent characteristics of stock competition, finding new high-margin growth points is a common proposition for all domestic brands at the 20 hundred million yuan level.
● Second is the precise positioning within the market window of opportunity.
China's perfume market is in its best growth phase in history. According to iiMedia Research data, the average annual growth rate of China's perfume market over the past 5 years has exceeded 20%. From 55 hundred million yuan in 2015 to 330 hundred million yuan in 2025, the scale expanded more than fivefold in ten years. In 2024, the market size reached 250 hundred million yuan, and it is expected to exceed 515 hundred million yuan by 2029.
In contrast, the average annual growth rate of the global perfume market is only 3%--4%, and China's market growth rate is more than 5 times the global average.
More critical is the penetration rate. The penetration rate of China's perfume market is currently only about 5%, while in the European market this figure is 42%. A penetration rate of 5% means that 95% of consumers have not yet developed the habit of using fragrance products. For a market in a stage of rapid expansion, the cost of educating consumers is being shared by the entire industry, and brands that enter early can establish category awareness first.
At the same time, consumption drivers are also changing. Self-pleasing consumption and emotional value are replacing traditional "pleasing others through socializing" as the core driving force of fragrance consumption. Fragrance products are transforming from luxury goods to daily consumer goods, which means lower decision-making thresholds, higher repurchase potential, and a broader applicable population.
For Fan Beauty Diary, which excels at impressing consumers with a sense of ritual and ambiance, this shift is a positive.
The two forces converged in the summer of 2026, and the filing of the Pink Glow Dream fragrance rollerball oil was simply a natural outcome.
China's fragrance market in 2026 is no longer a blue ocean where one can easily stake a claim.
According to Beauty Evolution big data, since 2020, the number of new perfume product filings has increased stepwise, and in 2025, nearly 8000 new perfume products were filed throughout the year, with an average of more than 20 new perfumes entering the market every day. Since 2019, the number of domestic perfume filings has surpassed imported filings, and the growth rate has continued to lead.
On this crowded track, Fan Beauty Diary's competitors can be roughly divided into three categories: emerging fragrance brands represented by To Summer and Documents, international luxury brands represented by Chanel and Dior, and cross-border domestic beauty brands represented by Mao Geping, Proya, Kans, and Chando.
Putting this information together, one can clearly see Fan Beauty Diary's competitive coordinates:
Upward, there is the 500-1000 yuan price band occupied by To Summer and Documents with Eastern aesthetics; further up, the high-end market above one thousand yuan controlled by international brands such as Chanel and Dior; parallel, the dense layout of domestic beauty brands such as Mao Geping, Proya, and Kans; downward, a large number of affordable imitation fragrance products below one hundred yuan.
Fan Beauty Diary has chosen a completely different path: a 4.6g rollerball oil, entering with a lightweight specification and portable form, focusing on the fusion of fragrance and body highlight. It does not directly confront any type of competitor, but attempts to open up a new territory in the intersection of perfume and body care.
Is Fan Beauty Diary's crossover a late catch-up or a premeditated dimensional strike? The answer may lie somewhere in between.
It is late because the window period of China's fragrance market has passed its most lenient stage. Nearly 8000 new products flooded into the track within a year, leading brands have already established category awareness, international brands still hold pricing power in the high-end market, and consumers are far more picky about domestic fragrances than skincare products. In such a highly competitive market, Fan Beauty Diary faces a tough battle.
It is premeditated because Fan Beauty has chosen a path completely different from mainstream fragrance brands. It did not try to tell a cultural story of "Eastern fragrance," did not emphasize the background and qualifications of the perfumer, and did not even make a traditional perfume.
The 4.6g rollerball oil, the fragrance essence ranked second in the ingredient list, and the shimmer powder from synthetic fluorophlogopite—this combination shows that Fan Bingbing's team knows where its core strengths lie. Not in leading scent aesthetics, not in the depth of cultural narrative, but in the grasp of visual beauty and the ability to quickly productize aesthetic propositions.
Therefore, the true significance of the Pink Glow Dream fragrance rollerball oil may not lie in how much revenue it can contribute to Fan Beauty Diary, but in validating a possibility: in a category that relies heavily on brand narrative, can "visible beauty" compensate for the inherent lack of brand depth in "smellable fragrance"?
If this path works, Fan Beauty Diary will provide a brand-new entry paradigm for a crowded track: not relying on culture, not on history, but on an immediate, perceptible sense of ambiance belonging to the mobile internet era. If it does not work, it will merely add an interesting footnote about celebrity halo and category boundaries to the competitive landscape of China's fragrance market.