Mary Kay further invests in China
In a move which counters that of some of its retreating rivals, US beauty brand Mary Kay is looking to establish itself further in China with the purchase of an office building in Shanghai.
Mary Kay’s move suggests a confidence in the Chinese beauty market which its competitors lack, evidenced by L’Oreal’s withdrawal of its Garnier range, and the halt of Revlon’s activity in the country.
A spokeswoman for Mary Kay reportedly said it would be the company's first office building purchase in China, a market it entered in 1995.
The Point Jing’an office building, located in Shanghai’s central district Jing’an, is likely to cost the cosmetics brand up to $135 million.
While other beauty titans are struggling in the wake of the China’s redirected focus onto online rather than high street sales, Mary Kay’s purchase suggests the brand has confidence in the market.
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