"The cosmetic industry in China proved its strong resilience despite the epidemic. Major global beauty brands bet big on the Chinese market this year and rode a growing wave of digitalization and online-to-offline sales."

Admitting the brand has been quiet recently with limited innovation, Wong said he believes the patented ingredient Protinol, launched in 2020 by the Avon R&D Center, will be a breakthrough.

So far the Avon APAC R&D Center, which was launched in Shanghai a decade ago, is now Avon's largest overseas R&D center outside of the United States.

Wong said there will be more innovations to come, in addition to the Anew series with Protinol, and more offline stores will open across the country soon.

As a purpose-led brand, Avon also focuses on standing with and empowering women.

Projects such as the "Speak Out" anti-gender violence public service campaign and the "Avon Equality Women Support Helpline" have also been launched earlier this year to promote women's safety and health.