Key Ingredient of Luxury Skin Cream Yields $11 Billion Fortune

Zhao Yan built most of her $11 billion fortune selling cosmetics giants a chemical they can’t live without. Now she hopes to become even wealthier by going directly to the masses with the compound—hyaluronic acid, or HA—in her own line of skin-care products. “We can compete with the top brands in the world,” says Zhao, 54, chairwoman of Bloomage Biotechnology Corp., which makes about half the global supply of HA.

While the human body naturally produces the compound, cosmetology pros say an extra dollop a day can do wonders for skin tone, texture, and firmness. For years, the likes of L’Oréal, Estée Lauder, and Shiseido have used HA in moisturizers that can cost $100 or more for a tiny jar, but recently the stuff has started popping up all over the place. Allure magazine’s Readers’ Choice Awards for 2021 included Laneige lip balm, Wander Beauty face mask, and Neutrogena face serum—all infused with HA. Harper’s Bazaar in February called it “the ingredient you’re seeing everywhere.” A month later, Elle’s U.K. edition told readers HA “holds the key to smooth, flawless and hydrated skin.”