New Delhi: Six leading South Korean cosmetic companies have made their debut in India with an array of cosmetic and wellness products, entering into a joint venture with Indian firms to eventually make them in India, an official statement said.
The six Korean companies entering the Indian market are PLK International, Coson Company Limited, Outin Futures Corporation, BCL Cosmetics Company Limited, Kell Cosmetics Company Limited, and Esthetic House Company.
The companies signed a joint venture agreement with an Indian firm for marketing their products first and will eventually make them in India under the 'Make in India' campaign, the statement said on Monday.
The agreement was signed by the South Korean companies with the Indian firm Rajshree Empires Private Limited (RE) through their Korean arm PLK International.
A tripartite agreement was also signed by PLK with the Uttar Pradesh government and RE for setting up a manufacturing facility in India. The Uttar Pradesh government has allocated land for the purpose to them, the statement said.
Total Indian beauty and cosmetic and wellness market size currently stands at about $950 million, according to statistics from the Confederation of Indian Industry (CII).
The size of the Indian cosmetic and wellness industry to be grown is about $4.6 billion as a proportion of the global market of $274 billion.
The market is currently dominated by home grown companies and those from the West.