Key Takeaways:Proya seeks additional stock listing in Hong Kong as it aims to reach top 10 global spot through acquisitions of Western beauty brands.Paris branch anchors expansion as Western peers like Estée Lauder and Kenvue seek to reduce the size of their portfolios.Bernstein sees targets from Shiseido’s fragrances to privately owned players like L’Occitaine.At a time when most global beauty conglomerates are looking to slim down their portfolios, one Chinese competitor is taking the opposite approach.Proya Cosmetics, the Shanghai-listed beauty company, has set its sights on breaking into the world’s top ten cosmetics groups over the next decade through acquisitions of Western brands as it positions itself as a Chinese champion ready to compete on a global stage. Last week, it announced plans to issue its shares in Hong Kong to accelerate and fund its internationalization strategy after logging a significant slowdown in revenue growth in the first half of 2025. The move comes as it seeks to scale growth and reach revenue of at least 50 billion yuan ($7 billion) under a new generation of leadership headed by Hou Yameng, son of co-founder and Chairman Hou Jungcheng. Proya reported revenue of 10.78 billion yuan ($1.5 billion) for 2024, up 21% from the previous year, becoming the first Chinese beauty brand to cross the 10 billion yuan mark ($1.4 billion), though still far from its global ambitions.The company, which introduced its namesake skincare brand in 2003, has since expanded into skincare, makeup, and body and hair through its own brand launches and acquisitions, including Chinese makeup brand Timage and Japan’s skincare and haircare line Off & Relax.