Russia’s cosmetics industry is eyeing sustained growth, backed by increased use of local raw materials
The Russian personal care product sector may not have the strongest reputation for exports, but its companies are starting to eye overseas sales.
RosBiznesKonsalting (RBK), a Russian business information service, noted in a paper, released in July, that a company called Russian Export is now selling the cosmetics of several Russian brands, including lines from Moscow region-based Teana Laboratories and regional natural cosmetics brand Natura Siberica, to Chinese online platform kaola.com.
RBK said Dakaitaowa, Russian Export's Chinese wing, launched sales in May and had by July already generated US$300,000's worth of sales.
"Many [Russian] companies wish to enter the Chinese market. It is the development of a new niche, new ways of promotion and sales," says Dmitry Stoforandov, founder and CEO of Teana Laboratories.
Stoforandov names three reasons why he decided to enter the Asian market: first, to increase turnover; second, to expand the business geographically; and third, to . . .
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