The Estée Lauder Companies unveiled its new China Innovation Labs in the Caohejing High-Tech Park on Thursday to further accelerate skin-care and beauty product growth in the local market.
Shanghai has further indicated its strong draw for multinational beauty and personal-care companies, and high-end beauty products is a critical segment to lift consumption and connect players in the value chain.
“The investment is a testament to our long-term commitment to China and our steadfast dedication to delivering superior products and services to Chinese and global consumers,” according to Fabrizio Freda, president and CEO of the Estée Lauder Companies.
The skin-care and makeup group first established its research and development lab in Shanghai in 2005 which was later elevated to the Asia Innovation Center.
“The new labs play a pivotal role in fueling our growing business in China through advancing breakthrough innovation uniquely tailored for local consumer needs and we hope to continue leading and transforming the prestige beauty industry,” said Joy Fan, president and CEO of the Estée Lauder Companies China.
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