Chinese supermarket operator Lianhua has formed a partnership with Japan's Growell Group and Shanghai-based Meiribuy to create a three-way cosmeceutical joint venture.
Hua Guoping, general manager for Lianhua, told local media that the cosmeceutical stores will expand via Lianhua's existing network resources and the first outlet is expected to open before the end of this year. In 2012, eight such stores will be open in the central areas of Shanghai and the number will reach 50 by 2016.
The cosmeceutical JV is reportedly registered in Shanghai with capital of CNY50 million. Lianhua is the major shareholder with a stake of 43% and Growell and Meiribuy own a 39% and a 18% stake, respectively.
The chairman for the JV will be assigned by Lianhua and general manager will be from the Japanese company.
Growell Group is a well-known cosmeceutical company in Japan, and its parent company, Aeon Group, is the Japanese retail giant formed by 142 enterprises in Japan and worldwide. Founded in August 2007, Meiribuy is the first Chinese shopping website that provides comprehensive products made in Japan.