Unbelievable! ‘King of Lipstick’ earns $3.4B during Double 11?

Media reported that the gross merchandise value (GMV) by Li Jiaqi, Chinese makeup and beauty influencer who is known as the "King of Lipstick," is estimated to have exceeded 25 billion yuan ($ 3.4 billion) during this year's Double 11 shopping festival. Yet Li's team denied such claim, said the figures were grossly inaccurate.

Based on the sales and prices in Li Jiaqi's livestreaming room, several media outlets calculated that the influencer's total GMV during this year's Double 11 period will conservatively exceed 25 billion yuan.

However, Li's team, the Meione (Shanghai) Network Technology Co, later responded that the figures were grossly inaccurate and it had never disclosed Double 11 data.

During this year's Double 11 shopping festival, Li's first-day sales reached 9.5 billion yuan, a year-on-year decline of over 50 percent, local media reported. 

China's Double 11 shopping festival, the world's largest online shopping event, arrived in a low-profile way late on October 24. Many livestreamers were quick to start pushing incentives to attract consumers. 

Last year, Li Jiaqi's livestreaming sales accounted for nearly one-third all Double 11 sales, but this year the proportion has dropped to around one-fourth. E Company, a Chinese media platform sought confirmation from Li Jiaqi's team regarding the above data, but had yet to receive a response as of the time of press. 

There has been rolling speculation about Li Jiaqi's Double 11 sales figures with his team declining to confirm media reports. During last year's Double 11, there were reports that on the first day of pre-sales, Li's livestreaming room achieved a GMV (Gross Merchandise Volume) of 21.5 billion yuan, breaking a previous record. At that time, Li Jiaqi's team told the reporter from E Company, "This data has no source of credibility. We have never publicly disclosed any data and have not cooperated with any third parties for data collection."

Li has recently faced a series of accusation in terms of his 'inappropriate' remarks triggering controversy. In September, Li sparked controversy after he told his online viewers only have themselves to blame for not earning enough money to buy new cosmetic products which they thought were overpriced. 

Editor: CH

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