Taiwan’s digital magnificence model struggles on Wall Avenue debut

Taiwan's virtual beauty brand struggles on Wall Street debut

Hong Kong
CNN Business

Taiwan’s latest entrant to Wall Street has had a rough ride since it went public a week ago.

Shares of Perfect Corp., a software company that allows users to virtually try on makeup or jewelry from brands such as Estée Lauder, LVMH and Shiseido, have fallen more than 40% from their listing price since they began trading on the New York Stock Exchange a week ago.

Perfect Corp. lends its technology to beauty and fashion brands. It uses augmented reality and artificial intelligence to help users test products online before they buy them.

The firm’s valuation rose to approximately $1 billion after merging with Provident Acquisition Corp., a special purpose acquisition company (SPAC), days before its listing. Shares of the newly combined business began trading last Monday under the ticker symbol “PERF,” and have since slid about 46% from the…