Japanese investment firm Mitsui & Co is investing in Kao Corporation’s wholly-owned subsidiary in Brazil, TBP Importação e Comércio de Cosméticos.
The companies have signed a Quota Subscription Agreement under which 70% of the business will be owned by Kao and 30% by Mitsui.
The arrangement is expected to go into effect in April 2023 after antitrust approval by CADE, Brazil’s Administrative Council for Economic Defense.
Kao and Mitsui said they plan to work together in the beauty and personal care field in emerging economies, and will explore how they can further expand their partnership in their areas of interest.
The move builds on Kao and Mitsui’s historic tie-up for the sales and marketing of Kao’s Bioré skin care brand (beginning 2017).
According to Kao, the companies’ research has indicated Brazilian consumers' strong acceptance of the Bioré brand.
The companies plan to expand this business further, and said products may be manufactured locally.