With the explosive success of their flagship product, the "High-Speed Hair Dryer," Chinese domestic brand Laifen Technology has gained significant popularity and expanded its product offerings across various categories.
According to recent information obtained by EqualOcean, Chinese domestic brand Laifen Technology Co., Ltd. (referred to as "Laifen Technology") is expected to achieve annual sales revenue exceeding CNY 3 billion in 2023.
Data from Laifen Technology indicates that its revenue reached CNY 2 billion from January to September alone, significantly surpassing the full-year data from the previous year. During this year's "Double Eleven" shopping festival, leveraging e-commerce channels such as Douyin, Tmall, and JD.com, the company's total online sales exceeded CNY 440 million, with total product sales surpassing 800,000 units. It is expected that the company's annual revenue will reach 3 billion.
Established in 2019, Laifen Technology is headquartered in Dongguan, Guangdong Province. The company advocates for technology inclusiveness and is committed to integrating cutting-edge technology into people's daily lives. In 2021, the company gained significant attention with its flagship product, the High-Speed Hair Dryer. In 2022, Laifen Technology achieved a tenfold growth, with total annual revenue reaching 1.567 billion, establishing itself as a rising star in the wave of "new domestic brands." Currently, Laifen Technology has two models of high-speed hair dryers, with a total shipment volume surpassing 7 million units as of the end of November 2023, solidifying its leading position in the domestic high-speed hair dryer market. Additionally, the company has accumulated nearly 8 million users, gradually maturing its product awareness among its user base.
However, Laifen Technology aims bigger. In October 2023, the company launched its first vibrating electric toothbrush equipped with a self-developed servo system, selling 135,000 units in its first month and becoming a phenomenal hot-selling product with sales exceeding CNY 40 million during the "Double Eleven" period.
Furthermore, Laifen Technology has established a research and development team of 150 people and is currently working on 10 projects. Through technological upgrades and innovative research and development, the company aims to shift its strategy from a focus on single flagship products to the development of a comprehensive product lineup. Laifen Technology aims to fully leverage its advantages in product design, technological innovation, manufacturing, supply chain management, and brand marketing to gradually establish and build its product ecosystem.
According to the company's founder, Ye Hongxin, Laifen Technology plans to launch shaving razors and approximately five new products by the end of next year, bringing the total SKU count to 100.
In terms of globalization, Laifen Technology has set its sights on Southeast Asia as its first overseas market, with Lazada serving as its primary platform due to its large female consumer base. The company launched its products on Lazada in August 2022 and experienced a surge in sales volume through off-platform promotion and brand promotion activities during the "Double Eleven" period. During the "Double Twelve" period, Laifen Technology quickly climbed to the top of the cross-border hair dryer category on Lazada within just one hour of its release.
Additionally, starting in April 2022, Laifen Technology opened stores on platforms such as Amazon in North America, AliExpress in Russia, and independent websites. In North America, Laifen Technology mainly targets the Chinese community. According to the company's overseas representatives, many Chinese residents in the region learn about or purchase Laifen products through channels like Taobao in China.
In September of the same year, Laifen Technology showcased its two high-speed hair dryer models, LF02 and LF03, at the 61st Berlin International Consumer Electronics Show (IFA 2022), further demonstrating its commitment to expanding abroad. In September 2023, Laifen Technology participated in the IFA again, indicating the gradual maturation of its overseas business layout. According to EqualOcean's understanding, Laifen Technology will continue to actively develop overseas markets and promote its "globalization" strategy through international expansion, further expanding its business model and building brand values.
Regarding localization, Laifen Technology is actively building its overseas team. Currently, the company's overseas team consists of nearly 50 members, most of whom are born after 1990. Among them, nearly two-thirds have overseas study backgrounds and experience in cross-border e-commerce.
At present, the shipment volume of Laifen Technology's high-speed hair dryers has exceeded 5 million units worldwide, covering over 30 regions and countries, including North America, Europe, Southeast Asia, the Middle East, and Africa. The products are available on major e-commerce platforms and offline channels. The company continues to explore emerging markets. Ye Hongxin stated that "electric toothbrush products will also be fully launched in overseas markets next year."