08/21/2023 | Press release | Distributed by Public on 08/20/2023 19:05
Mitsui & Co., Ltd. ("Mitsui", Head Office: Tokyo, President and CEO: Kenichi Hori) has agreed to acquire all shares in US based cosmetics contract manufacturer Dermaceutical Laboratories, LLC ("D-LAB", Head Office: Bergen County, New Jersey, USA). D-LAB is an ODM (original design manufacturer) that develops and manufactures skincare and color cosmetics products and OTC for companies based in the US and global brands by using its development and manufacturing capabilities which it has built up in the world's biggest market for beauty and personal care (BPC) products.
The US beauty market is the biggest in the world (worth approximately USD 110.6 Billion), and, in particular, the market for skincare products, which accounts for 23% of the total beauty market, is expected to maintain steady growth, with increasing health and wellness awareness among consumers*1. In the US, backed by an increase in the purchasing power of Millennials and Gen Z people, who now make up about 42% of the economically productive section of the population, as well as the emergence of new brands, expectations for the further growth of the BPC market and demand for ODM services have been increasing. After acquiring all the shares in D-LAB, Mitsui will position the company as its core BPC business in the Americas and will propose unique concepts, functional materials and new technologies from Japan. Furthermore, by leveraging its raw material procurement capabilities and realizing synergies with its existing BPC business assets, Mitsui will work to build a BPC business cluster in the Americas on a large scale.
While engaging in these activities and utilizing its extensive business assets and global networks, Mitsui will contribute to the enhancement of people's quality of life through its consumer products business (personal care and hygiene products, including cosmetics).
*1 Source: Euromonitor International
|Name||Dermaceutical Laboratories, LLC|
|Address||Bergen County, New Jersey, USA|
|Representative||John Kim (new CEO)|
|Business activities||Planning, design, and manufacture of cosmetics|
D-LAB skincare and color cosmetics