THE WHAT? Medmix has continued its Asia expansion with the acquisition of a majority stake in Guangdong Qiaoyi Plastic Co, a beauty manufacturing business in Shantou.
THE DETAILS The transaction is expected to close in the first half of 2023, with the current owners of Qiaoyi retaining a minority shareholding in the company and will continue to operate the business.
According to a press release, “This will allow medmix to leverage the entrepreneurial spirit and deep market expertise of Qiaoyi as well as access the established local customer relationships with its award winning GEKA applicators for local beauty brands.”
THE WHY? The acquisition is in line with the company’s local growth strategy in China, and is said to “strategically position medmix as a player in the Chinese beauty sector, the fast growing second largest cosmetic products market in the world.”
Girts Cimermans, CEO of medmix, said: “We continue to execute on our strategic local for local growth plan in China. China is the second largest Beauty and Personal Care market worldwide, expected to grow strongly over the coming years. With the acquisition of Qiaoyi we will benefit from this market growth, expand our customer reach and improve our access to native Chinese brands for our wider range of products.”