FT story.
Chinese men are going soft, shedding traditional notions of masculinity and getting in touch with their inner metrosexual, to L'Oreal's great benefit (27% growth last year and 40% this year).
Some experts point to the sex-ratio imbalance, but the piece argues that:
Chinese men are merely following the lead of their wives and mothers, say cosmetics experts, who note that the Chinese cosmetics market has long been dominated by skincare products, with make-up not widely used and frowned on or even banned for some occupations.
In short, the focus is just as much on getting ahead career-wise as getting a mate. Nobody wants to look the peasant part anymore, meaning good skin is seen as modern/"with it".
More prosaically, it's the rise in disposable income that makes this even possible.