ApiYoo: A New Breed of Entrepreneurship

Gao Wang, Qiong Zhu, Christina Zhang

Research output: Other contributionCase Studies


Is there any space for startups in a fully matured market where market incumbents are embroiled in cut-throat competition? And if so, how can new entrants carve out a niche? Through its own experience, ApiYoo has come up with an answer of its own. As a 4-year-old startup in consumer goods, ApiYoo has distinguished itself from others in the sense that while most startups begin by concentrating on just one single brand, ApiYoo established seven brands in different market segments. For every new entry, it has adopted a strategy of appearance differentiation. After four years of development, in 2020, it achieved an annual operating revenue of ¥1.2 billion, against its larger ¥10 billion goal for an annual revenue by 2025. Although its strategy of appearance differentiation has borne some fruit, the aesthetic preferences of consumers are subjective and, therefore, highly volatile. How can ApiYoo maintain its competitive advantage? What challenges will it face in realizing an 8-fold growth within five years? Students are expected to answer these questions from the perspective of Zeng Rui, ApiYoo's Founder and CEO.
Original languageEnglish
Number of pages6
Publication statusPublished - 30 Jun 2022

Case number


Case normative number


Case type

Field Case

Update date



For more details, please visit www.chinacases.org

Published by

China Europe International Business School


  • horizontal differentiation
  • beauty strategy
  • vertical differentiation
  • Multi-Brand
  • IP
  • D2C

Case studies discipline

  • Entrepreneurship
  • Marketing

Case studies industry

  • Manufacturing


Dive into the research topics of 'ApiYoo: A New Breed of Entrepreneurship'. Together they form a unique fingerprint.

Cite this