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Cosmetics maker Shiseido Co. is making inroads into the potentially high-growth Philippine market in a joint venture with a Singapore firm. The company has agreed with Luxasia Partners Pte. Ltd., a regional cosmetics agent, to set up Shiseido Philippines Corp. in December, with Shiseido holding a majority stake, according to the firm.

The joint venture will begin operating in July next year after integrating the sales channels of two local agents.

Shiseido Asia Pacific Pte. Ltd., a wholly owned subsidiary in Singapore, will hold a stake in the joint venture, to be capitalized at 580 million pesos ($11 million).

The planned local unit will enhance the product lineup of its prime brands, including Shiseido, NARS and Laura Mercier, in the Philippines, Southeast Asia’s third-largest cosmetics market with annual sales estimated at about $3 billion, the company said.

Shiseido expects the Philippines’ prime cosmetics market to post a double-digit percentage increase annually by 2020.

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