Italian makeup manufacturer, Gotha Cosmetics marks a key step in its international expansion through a majority investment in China’s iColor Group. The financial details were not disclosed.
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iColor was founded by Chinese entrepreneur Johnson Shan. The company provides skin care and makeup formulations, product development and filling solutions to local and international brands. iColor owns two production facilities based in Suzhou and Shanghai, with more than 40,000 sqm. The sites integrate R&D, production and filling departments and can process a wide variety of product categories including emulsions, powders and anhydrous formulas.
Founded in 2005, Gotha has an established business in North America and EMEA regions and is renowned for its emulsions as well as innovation in liquid lip products. The manufacturer is also focused on developing hybrid solutions that can bridge the gap between color cosmetics and skin care.
This transaction enables Gotha to accelerate its growth with local brands in China and support its current client portfolio in Asia through local production. Turnkey solutions are also in scope to increase competitiveness and speed.
“Thanks to this acquisition Gotha cosmetics will strengthen its global footprint and production capacity entering the Asian and specifically Chinese markets, which are experiencing a solid and stable growth. We think that the timing for this transaction is perfect and iColor is the right partner to serve those markets and deliver good products and service. Initial focus will be the local market expansion, keeping the current iColor set up and leveraging meanwhile our Italian expertise in cosmetics,” said Paolo Valsecchi, CEO of Gotha Group, who joined the company at the end of last year.