Pharma Research (214450.KS) will expand the local business of its cosmetics brand Rejuran Cosmetic in China through a partnership with a major Chinese cosmetics company.
Pharma Research said on the 21st that it signed a strategic memorandum of understanding with Shanghai Chicmax Cosmetic, or CCM, to expand Rejuran Cosmetic in the Chinese market.
CCM, founded in 2002, owns brands including Hanshu, Newpage and Armiyo. Its revenue last year reached about 1.9 trillion won ($1.4 billion), ranking second among Chinese cosmetics groups.
Under the agreement, the two companies will jointly review the development of localized Rejuran Cosmetic products and brand operations. They plan to go beyond simple product supply and build a business model tailored to the local market. The companies will also pursue a joint venture, with the specific structure and business scope to be finalized within this year.
Pharma Research is accelerating the localization of its global business, following its acquisition of CG USA, a cosmetics contract development and manufacturing organization in the United States, and now its partnership with CCM, which has experience running brands in China.
"For the global expansion of Rejuran Cosmetic, we have set rapid market response and strict quality control as key tasks," a Pharma Research official said. "In China, we plan to accelerate commercialization by working with CCM, which has expertise in product R&D, brand building and business operations."
