The purchase of a majority stake in Guangdong Qiaoyi Plastic Co boosts medmix’s beauty division, which already includes German applicators specialist GEKA.
In line with its acquisitions strategy in China for the local market, Switzerland-headquartered medmix has taken a majority stake in cosmetics packaging producer Qiaoyi. The transaction is set to close in the first half of 2023. Terms of the deal were not disclosed.
medmix, which already has a production site in China for its Industry segment, will now have its first presence in China for its Beauty division since 2019, GEKA Head of Global Marketing and Innovation Stefanie Gunz tells Formes de Luxe.
Based in Shantou, Qiaoyi has served the Chinese cosmetics packaging market since 1999 and has around 350 employees. Its catalog includes packaging for lipsticks, mascara and eyeshadow. GEKA applicators, particularly for mascara, will be added to the Chinese company’s portfolio.
Gunz affirms that Qiaoyi’s primary aim is to manufacture for local brands: “Qiaoyi will continue to take advantage of the growth of the local Chinese cosmetics market based on its current facilities and capacities,” she says.
"With China the second largest beauty and personal care market worldwide, and expected to grow strongly over the coming years,” medmix CEO Girts Cimermans said in a statement that with the acquisition of Qiaoyi, “we will benefit from this market growth, expand our customer reach and improve our access to native Chinese brands for our wider range of products.”