Cosmax Inc., South Korea's major cosmetics manufacturer, said Sunday its factory jointly built with Yatsen Holdings has begun operations in Guangzhou, China.
Cosmax set up a joint venture, Yatsen Biotechnology, with the New York-listed Chinese Yatsen in 2020, and began construction of the 60,593-square-foot factory, Asia's biggest cosmetics factory.
Cosmax said the factory is expected to produce 4 billion units of cosmetics a year.
Yatsen, founded in 2016, runs cosmetics brands, including Perfect Diary, its first and largest brand, Little Ondine and Abby's Choice.
It was listed on the Nasdaq composite in 2020, becoming the first Chinese cosmetics company to do so.
In 2020, Yatsen acquired beauty brand Little Ondine and French skincare player Galenic. In 2021, it acquired British premium skincare brand Eve Lom.
Cosmax has been a key developer and manufacturer of Perfect Diary since the early stages of the brand, which was launched in 2017.
Cosmax said it will continue expanding its business in China by seeking deals with new beauty brands that plan to manufacture cosmetics in China.
Source: Yonhap News Agency