On Sunday, South Korean cosmetics powerhouse Cosmax announced the commencement of operations at its joint venture with Yatsen Holdings, located in Guangzhou, China. The factory, which is the largest of its kind in Asia, covers an area of 60,593 square feet and is expected to produce 4 billion units of cosmetics annually.
Yatsen, a New York-listed Chinese company, was founded in 2016 and is the owner of several beauty brands, including Perfect Diary, Little Ondine, and Abby’s Choice. The company achieved a major milestone in 2020 when it became the first Chinese cosmetics company to be listed on the Nasdaq composite. Yatsen has since gone on to acquire Little Ondine, Galenic, and Eve Lom.
Cosmax has been a key partner in the success of Perfect Diary, which was launched in 2017. The South Korean manufacturer is now looking to expand its business in China by partnering with emerging beauty brands that plan to manufacture cosmetics in the country.
The accompanying photo shows the Cosmax-Yatsen factory in Guangzhou, China. (Yonhap)