Guangzhou Huanya partners with Korean beauty players

Published: 18-Sep-2013
Finance

China’s Guangzhou Huanya Cosmetics is forming a joint venture with two Korean companies


China’s third ranking cosmetics firm, Guangzhou Huanya Cosmetics, is forming a joint venture with two Korean companies to develop and market cosmetics in Korea for sale in China. The Chinese firm will invest US$10m in a new company to be established in Hong Kong. Korea’s Coson Co Ltd will invest a similar sum while Korean company YG Entertainment will also participate via an investment in Coson.

Coson operates in a number of fields including the manufacture and distribution of BB and CC creams in Korea. YG Entertainment, meanwhile, is Korea’s second biggest record company. It is involved in music recording and publishing, concert production and new artist discovery. Over the last few years, the rising popularity of Korean pop music in Asia has contributed to the awareness and success of Korean brands in export market./p>

Once the new company starts up, YG will be in charge of brand marketing while Coson will develop and manufacture cosmetics. Huanya, meanwhile, will take care of distribution throughout China. YG founder Yang Min-Suk said in a statement: “We now want to expand YG’s brand to new and diverse fields.”/p>

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