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SHANGHAI-BASED privately owned Fosun Group is discussing with venture capital firm Paideia Capital to set up a joint venture to tap the booming beauty and personal care market.
Paideia Capital will be a platform to introduce overseas brands to Chinese consumers and help homegrown startups establish a presence in the fast growing market, Wang Zhuo, co-founder and partner of the firm, said in an interview yesterday.
The two firms are eying a joint venture to buy and introduce overseas brands to the domestic market.Wang said Paideia Capital wants “to contribute our industry expertise and combine industry resources with Fosun to help them win in the fierce competition.”Last month, Fosun signed a deal to buy Israeli skin care firm Ahava for US$77 million from existing shareholders.
Paideia Capital will invest in domestic startups and small and medium-sized personal care and consumer goods firms to help improve their marketing expertise.
China’s premium beauty and personal care products market is seen at 423 billion yuan by 2019, Euromonitor International said.
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