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Korean cosmetics maker Genic to start operation in China this year

HONG KONG (Yonhap) -- South Korean cosmetics maker Genic Co. is set to begin operations in China this year in a bid to tap into the world's fastest growing cosmetics market, officials said Thursday.

Genic recently obtained approval for a hygiene permit from the Chinese Ministry of Health in order to register products in China, company officials said.

The cosmetics manufacturer holds the largest market share in South Korea's domestic mask pack market with 33 percent, bolstered by the increasing demand for functional cosmetics products.

The company expects to begin selling its products on TV home shopping channels in as early as the second quarter of 2012.

It also plans to build a production subsidiary in China this year and to ship its products to Amway Corp.'s China subsidiary as an original design manufacturer.

According to Hyundai Securities, the mask pack market in China is estimated at US$780 million, which is equivalent to 3.3 percent of the total cosmetics market and to 8.3 percent of the skin care product market.

China's skin care products have been growing steadily at a compound annual growth rate of 14 percent.