One of Korea’s biggest cosmetics companies, It’s Skin is planning to up its game on the Chinese market with expanded local distribution and the development of a new brand through a joint venture, according to a report published by Yonhap News.
The K-beauty giant has signed a deal with Hong Kong-listed New World Development Company in order to take advantage of its vast sales network in Hong Kong and China.
It’s Skin currently has regulatory approval pending from the Chinese FDA for 40 products for sale in the Chinese Mainland and also intends to form a joint venture with Zhejiang Semir Garment Co, a Shanghai-based fashion house, to co-develop a new cosmetics brand by the end of 2017. Under the deal, It’s Skin will create a new line of cosmetics for the apparel company to market and sell on the Chinese market from early 2017.
It’s Skin has also signed a memorandum of understanding with Dabur to sell products in India via the local retail giant’s New U chain from September. “India has seen a growing number of middle-income population and there will be more demand for the beauty market,” It’s Skin CEO Yoo Geun-jick told Yonhap News. “I think India will become the ‘next China’, considering its fast-growing population and the geographical proximity.”