Italian group Gotha Cosmetics has acquired iColor Group, a Chinese cosmetics company, as it begins its expansion into the market and plans to grow its international presence.
Founded by Chinese entrepreneur Johnson Shan, iColor Group is dedicated to providing cosmetic formulations and filling solutions for both local and international brands through its production facilities in Suzhou and Shanghai.
Milan-based Gotha, which already has a solid foundation in the US and EMEA regions, is now setting its sights on the Asian market, with this recent acquisition part of its plan to accelerate growth with local Chinese brands and support its current portfolio through Asia-located production.
In a release, CEO of Gotha, Paolo Valsecchi, said: “Thanks to this acquisition, Gotha cosmetics will strengthen its global footprint and production capacity entering the Asian and specialty Chinese markets, which are experiencing solid and stable growth. We think that the timing for this transaction is perfect and iColor is the right partner to service those markets and deliver good products and service.”
Valsecchi continued: “Initial focus will be the local market expansion, keeping the current iColor set up and leveraging meanwhile our Italian expertise in cosmetics.”