South Korean cosmetics brand invests $25m
South Korean cosmetics brand Tonymoly is opening a new $25m factory in China.
The new facility is due to be built in the eastern province of Zhezaing in 2016. Mass production at the site is expected to start in 2017, helping Tonymoly better serve its customers.
Since its launch into the Chinese market, Tonymoly has been expanding rapidly in the region. It is now present in 40 shops across major cities in the country. It also plans to open a local branch in the region as part of its global expansion strategy.
In a statement, the company said: "The facility will improve the price competitiveness of our cosmetic products." The company has been in double-digit growth since its launch in 2006. It currently has around 1,800 shops across 20 different nations.