Rajshree Empires today said it along with its South Korean joint venture (JV) partners will invest USD 15 million (Rs 100 crore) by 2016-17 to market and manufacture cosmetics products in India.
The JV was signed by the South Korean companies with Rajshree Empires Pvt Ltd through their South Korean arm PLK International. PLK International has picked up 30 per cent stake in Rajshree Empires.
"PLK through its six associates of South Korean cosmetic brands and manufacturers and its JV partner RE will be investing over USD 15 million (about Rs 100 crore) in the next two years of 2016-17 in Indian markets," the company said in a statement.
The JV envisages establishing 70,000 square feet of retail space in the next three years with flagship stores of Outin Futures, Coson and Kell Cosmetics, it added.
The first phase of 35,000 square feet for Northern India will be active by late November this year in 21 cities that have been mapped and 70 stores in the plan are to become operational by 2016 December.
The company is also looking partnering with E-commerce firms to increase its footprint.
The six Korean companies marketing their products in India are PLK International, Coson Co., Outin Futures Corp, BCL Cosmetics Co., Ltd, Kell Cosmetics Co., Ltd, and Esthetic House Company. The Thailand based company Kiss of Beauty is also marketing products in India.
Rajshree Empires said a tripartite agreement was also signed by PLK with the UP Government and RE for setting up a manufacturing facility in India.
The UP government has allocated land for the purpose to them.
