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    One of the world's largest manufacturers of nail, hand and foot care products, Wilde Cosmetics, announced today (March 16) the establishment of a joint venture company with its business partner LCN (Hong Kong) Ltd. in Hong Kong.  Serving as the Asia-Pacific headquarters, the joint-venture company - LCN Group Ltd. - will take advantage of the Closer Economic Partnership Arrangement (CEPA) to set up a production plant in Hong Kong.

    At the opening ceremony, the Chairman of the German-based Wilde Cosmetics, Michael Kalow said the company is committed to expand its presence in Asia, with the Hong Kong joint venture as an important first step.  He said that Hong Kong was the company's first choice for its regional headquarters.

    "Thanks to its strategic location, business-friendly environment and world-class services, Hong Kong has been and remains the best platform to trade with China and the rest of Asia. It is therefore natural for us to use Hong Kong as our base to seek and identify strategic partners," he said.

    Mr Kalow also said, "We are very pleased to form this new joint-venture with LCN (Hong Kong) Ltd.  Recognising the high service quality in Hong Kong and lower production costs in Mainland China offered to businesses like ours, we formed this joint venture with the aim of packaging and, at a later stage, producing LCN products in Hong Kong for customers in Asia.  We hope that this step will eventually lead to establishing a production base for our worldwide needs."

    Marketed by the LCN (Hong Kong) Ltd. in the region, LCN's products are also available in Mainland China, Taiwan, Singapore and the Philippines. The company has started to penetrate into other markets in the Asia-Pacific region, including Japan, Korea, Australia and New Zealand.  

    Welcoming the establishment of the LCN Group in Hong Kong and its plan to set up manufacturing plant in the city, the Director-General of Investment Promotion at Invest Hong Kong, Mike Rowse said, "I am delighted to see another regional headquarters in Hong Kong.  The development of Wilde Cosmetics in Hong Kong through LCN demonstrates the versatility of Hong Kong advantages.  Our city is not only a great place for manufacturers to build brand awareness and to oversee their regional businesses.  The implementation of CEPA has increased the attractiveness for foreign companies to set up in Hong Kong, or to expand business functions here."

    He wished the company all the best in its future, and hoped that the success of the company will become another role model for foreign investors interested to use Hong Kong for conducting various business functions.

    Based in Germany since 1914, Wilde Cosmetics is one of the world's largest manufacturers of nail, hand and foot care products in the world, with its internationally-known brand LCN. LCN's professional products are available in professional beauty salons and major cosmetics chain shops.  

    Invest Hong Kong is the Hong Kong Special Administrative Region Government department charged with encouraging and facilitating inward investment into the city by providing all the support needed to establish a business presence here.  For more information, please visit the website at www.investhk.gov.hk.

Ends/Wednesday, March 16, 2005

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