"Our partnership with Chindex places us strategically at the early stages of the upscale personal care markets in China. The timing for market entry is excellent and marks a significant milestone in our efforts to grow the brand name in the Asia Pacific region," said Elchanan Shaked, director of Nesh Cosmetics.
The venture, Natural Formula Asia, will distribute the Nesh brand of Natural Formula cosmetics to the retail pharmacy markets in China. Established in 1987, Natural Formula products are claimed to be formulated using only natural ingredients and are already sold throughout the Middle East, Europe and North America.
"Our joint venture with our partners at Nesh Cosmetics marks a significant step in the expansion of our distribution business in the retail pharmacy markets. We are very excited about this step in our development, as a partner in Natural Formula Asia, we have taken an equity position in a well established brand as it enters the China market. The market potential in health related personal care products in the metropolitan markets in China is enormous," said Roberta Lipson, president of Chindex.
The initial portfolio of Natural Formula hair care and deodorant products has already been launched in Shanghai, Beijing and Hangzhou, with plans to distribute to the top 1,000 pharmacies in 55 cities throughout China over the next four years.