South Korean cosmetics manufacturer Cosmax is looking to boost its presence in one of the world’s fastest growing cosmetics markets by building its third factory in China.
Company officials said on Wednesday that it plans to boost its production capacity with the new factory in the southern Chinese city of Guangzhou, within three years to increase its output capacity in the country amid rising demand.
Cosmax has recently completed the expansion of its existing production line in Shanghai, the company's first plant in China. It also has been operating a production facility in Guangzhou.
The company is estimated to have seen its sales in China reach 62 billion won (US$58 million) last year, up 51.5 percent on-year from 40.9 billion won.