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Kanebo expands cosmetics line in China
By Pan Xiaoyi |
July 30, 2009, Thursday
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JAPAN'S Kanebo Cosmetics Inc plans to expand its China portfolio and expects a turnover of 600 million yuan (US$87.91 million) here before 2010 as it eyes the country's growing cosmetics market amid sluggish demand at home.
The second-largest cosmetics manufacturer in Japan will launch skin-care brand Aqua Sprina and makeup line Coffret D'or in September.
Sales of Aqua Sprina, an upgraded version of the Aqua line, are expected to reach 300 million yuan this year, the company said.
Kanebo, owned by Japan's top household products maker Kao Corp, was faced with slowing demand in its home market due to the financial crisis. It also has met increasingly fiercer competition from Shiseido and Kose in Japan.
Meanwhile, the cosmetics industry in China was growing with sales of 1.5 trillion yen (US$15.79 billion) in 2008, according to the Ministry of Economy, Trade and Industry in Japan.
Kanebo sold 40 percent more beauty products last year. It said it regards China as a growth market and has placed a high emphasis on it.
Kanebo also said it completed the expansion on its sole manufacturing base in China last month, expecting to increase its production by 150 percent to 5 million units.
The second-largest cosmetics manufacturer in Japan will launch skin-care brand Aqua Sprina and makeup line Coffret D'or in September.
Sales of Aqua Sprina, an upgraded version of the Aqua line, are expected to reach 300 million yuan this year, the company said.
Kanebo, owned by Japan's top household products maker Kao Corp, was faced with slowing demand in its home market due to the financial crisis. It also has met increasingly fiercer competition from Shiseido and Kose in Japan.
Meanwhile, the cosmetics industry in China was growing with sales of 1.5 trillion yen (US$15.79 billion) in 2008, according to the Ministry of Economy, Trade and Industry in Japan.
Kanebo sold 40 percent more beauty products last year. It said it regards China as a growth market and has placed a high emphasis on it.
Kanebo also said it completed the expansion on its sole manufacturing base in China last month, expecting to increase its production by 150 percent to 5 million units.
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