SHANGHAI, March 18 (Xinhua) -- Japanese cosmetics brand Shiseido will set up a new R&D facility in Shanghai for the development of eco-friendly beauty products to boost the health and beauty industry.
According to a strategic cooperation agreement signed Tuesday between Shiseido and the city's Oriental Beauty Valley in Fengxian District, the company will carry out advanced research into eco-friendly technologies and prototype development of related cosmetics.
Kentaro Fujiwara, China CEO of Shiseido, said the company is bullish on the prospects of the Chinese market and it is a win-win choice to settle in Shanghai's valley of beauty, which is becoming the high ground of industrial innovation in China and around the world.
Shiseido's settlement will not only help the Japanese cosmetics firm grow bigger and stronger, but support the valley to speed up its pace of going global, said Xu Kunlin, deputy mayor of Shanghai.
Oriental Beauty Valley, with a brand value exceeding 11 billion yuan (about 1.57 billion U.S. dollars), had attracted 131 major industrial enterprises by the end of 2019, with more than 3,000 brands of various types including 135 popular brands at home and abroad.