Medmix To Continue Its growth in Asia With Acquisition of Stake in Guangdong Qiaoyi Plastic

Medmix has expanded its Asian presence by acquiring a majority stake in Guangdong Qiaoyi Plastic Co, a beauty manufacturing company in Shantou.

The transaction is expected to close in the first half of 2023, with Qiaoyi's current owners retaining a minority stake in the company and continuing to operate it.

"This will allow medmix to leverage Qiaoyi's entrepreneurial spirit and deep market expertise, as well as access the established local customer relationships with its award winning GEKA applicators for local beauty brands," according to a press release.

The acquisition is in line with the company’s local growth strategy in China, and is said to “strategically position medmix as a player in the Chinese beauty sector, the fast growing second largest cosmetic products market in the world.”

Girts Cimermans, CEO of medmix, said: “We continue to execute on our strategic local for local growth plan in China. China is the second largest Beauty and Personal Care market worldwide, expected to grow strongly over the coming years. 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.”