Breaking News

Sanjiu and Kanebo Form Cosmetic Joint Venture

November 22, 2005

CHINA: Kanebo Cosmetics, Inc., a division of Japan’s Kanebo Ltd., and a unit of Sanjiu Enterprise Group, China’s largest drug maker, have joined
forces to sell cosmetics in drug stores on the Chinese mainland. Kanebo Cosmetics will own 67% of the new entity while Sanjiu Enterprise’s Tokyo-based Sanjiuhonsoubou Medical & Pharmaceutical Co. will hold the remainder, said executives from Kanebo Cosmetics.
The new joint venture will begin selling Kanebo’s cosmetics in April 2005 at drug stores in Shanghai, Beijing and Guangzhou using Sanjiu’s retail network. The companies aim
to post annual retail sales of $66 million in a total of 500 drug stores by March 2008, executives from Kanebo Cosmetics said.

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