CXI, a KOSDAQ-listed company, recently announced on the 8th that it has conducted a paid-in capital increase of 1 billion KRW with domestic listed company BeautySkin as the allottee, and at the same time, the two companies signed an MOU (Memorandum of Understanding) for business cooperation.
According to the disclosure on the 7th, BeautySkin stated that it will participate in CXI's paid-in capital increase worth 1 billion KRW. Since it has decided on equity investment, it is expected that it will also spare no support for future business expansion.
On the same day, CXI and BeautySkin also signed an MOU for joint R&D and distribution operations. Through this, CXI plans to jointly research and develop cosmetic raw materials using tea leaf extracts through its large-scale tea plantation and research institute located in China for BeautySkin. In addition to R&D, the two companies plan to collaborate to share the strengths of their distribution channels so that BeautySkin's products can be sold through the distribution channels owned by CXI.
CXI's cosmetics business began in 2019 with the establishment of a domestic subsidiary. Currently, it is conducting overseas distribution business for domestic and Japanese cosmetics brands.
A CXI company representative stated, "After long-term discussions between the two companies, we decided on this cooperation," and added, "We expect it will play a role in increasing sales for both parties in the future."
Meanwhile, BeautySkin is a globally listed cosmetics company in Korea, showing explosive growth with an operating profit increase of 538% year-on-year as of the first half of this year. It is currently pursuing overseas market development in Vietnam, China, Russia, and other countries.
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