Charting distinctive path for beauty brands
By 2030, Wuxi National High-tech District aims to grow cosmetics and wellness sector to 10b yuan, attract 30 leading firms
The building's "vertical ecosystem" has rapidly attracted beauty and wellness companies to the industrial park. Since its opening in April, Jiangnan Beauty Bay has brought in 58 enterprises, achieved an occupancy rate of over 70 percent and created over 400 jobs, said Guo Zhilong, general manager of the park.
In terms of this year's development goals, Jiangnan Beauty Bay is expected to exceed 3 billion yuan ($422 million) in revenue with more than 100 million yuan in tax contributions, Guo said.
Once ingredients are ready, it's time for manufacturers inside the building to turn formulas into mass-market products.
"Scaling up a lab sample into industrial production isn't simply multiplying the quantities. It is a complex, rigorous process involving shifts in physical, chemical and engineering conditions," said Michael Jungho Kim, president of Kolmar Cosmetics (Wuxi).
