MILAN — Italian makeup manufacturer Gotha Cosmetics has taken a majority stake in iColor Group, a cosmetic formulation and filling company based in China. Financial details were not disclosed, but the operation marks a key step in the international expansion of the Italian firm, which was established in 2005 in Lallio, an hour’s drive from Milan.
“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,” said Gotha Cosmetics’ chief executive officer Paolo Valsecchi, who joined the company at the end of last year. “The initial focus will be the expansion in the local market by keeping the current iColor set up and leveraging our Italian expertise in cosmetics,” he added, underscoring that the deal will enable Gotha to accelerate its growth via local brands in China, as well as to support its current client portfolio in expanding in Asia through local production.
With an established business in the U.S. and the Europe, Middle East and Africa region, Gotha Cosmetics is best known 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.
Founded by Chinese entrepreneur Johnson Shan, iColor Group provides skin care and makeup formulations, product development and filling solutions to local and international brands. The company owns two production facilities based in Suzhou and Shanghai, covering a total surface of more than 430,556 square feet. Both facilities are equipped with technology and machineries processing a variety of product categories within emulsions, powders and anhydrous — substances containing no water — as well as integrating R&D with the production and filling departments.