Yatsen (Perfect Diary)
Beauty / cosmeticsChina
📉 Public < $1B
Peak $11 BillionToday
−97%
from peak
- 🦄Became a unicorn2020
- 📈Peak valuation$11 Billion ’21
- 💔Became a Unitard2022
- 💸Last valuation~$296M
Current status
Public (NYSE: YSG); market cap ~$0.9B (2025), down ~92% from its debut.
Live · YSG· NYSE
as of 2026-06-29
$3.16▲ 1.94% today
≈ $296 Million market cap · −97.3% from peak
How it happened
Yatsen, the parent of Chinese cosmetics sensation Perfect Diary, rode a wave of digital-native 'C-beauty' marketing to a blockbuster US debut in November 2020, opening with a market value around $11B. Heavy spending on influencers and discounts proved unsustainable as competition intensified and consumer tastes shifted; Perfect Diary slipped from China's No. 2 cosmetics brand toward the middle of the pack and closed more than half its stores. The stock fell about 92%, leaving Yatsen worth under $1B by 2025 even as it pivoted toward skincare.
Source: WWD / Yahoo Finance / CNBC (~$11B market cap at Nov 2020 IPO, climbed higher in early 2021; ~$875M market cap by June 2025, -92% from IPO; lost share in C-beauty)
