Shinsegae Intercos Korea said on May 17 that it would hold a groundbreaking ceremony for a cosmetic manufacturing plant and an R&D center in the Kajang industrial complex in Osan (Gyeonggi Province). Shinsegae Intercos is a 50:50 joint venture between Shinsegae International and Intercos SpA, Italy's cosmetic original design manufacturer.
The five-story Osan plant, whose total floor area is 12,956 square meters, will be completed by the end of this year. The first three floors will be manufacturing floors while the remaining two on the fourth and fifth floors will host the R&D center and other supporting units. The capacity of the plant will be about 1,500 tons of basic and color cosmetics, with an estimated number of items reaching 50 million a year.
According to the company, the plant's operation would be available from January next year. The joint venture earlier said it would reach a sales revenue of 100 billion won by 2020 based on the technical know-how of Intercos and Shinsegae's marketing network in Asia. Kim Wang-bae, president of Shinsegae Intercos Korea, said, "In order to test our products' quality, we will take part in the upcoming China Beauty Expo to be held between May 18 and 20 in Shanghai and showcase four new products. We will establish our presence in the global beauty market with innovative products and marketing."