Published : Oct. 4, 2016 - 10:38
[THE INVESTOR] Cosmax will operate an online flagship store on Chinese business-to-consumer platform Tmall.com, it announced on Oct. 4.
South Korea’s largest cosmetics original development manufacturer, through its Chinese corporation, will partner with the domestic version of Tmall, a spinoff of China’s largest online retailer Alibaba Group Holding.
Tmall is the largest third-party platform for brands and retailers in China by gross merchandise volume, and has 69.8 percent market share in the domestic online cosmetics market estimated to be 32 trillion won (US$28.98 billion).
Cosmax China CEO Choi Kyung (left) shakes hands with Alibaba Group’s beauty division President Hu Weixiong. Cosmax
Cosmax will be entitled to multiple benefits including exemption from deposits and local business license for at least two years, as well as fast track procedure in acquiring approval from China Food and Drug Administration.
By Hwang You-mee (glamazon@heraldcorp.com)