The cosmetics company Morphe, which is owned by billionaire Masahiro Morphe and operates in China, said on Wednesday that it will sell its cosmetics business, the brand name Morphe Beauty, to cosmetics company Coty, which has been acquiring makeup brands.
Coty will also take control of the cosmetics business in China.
Morphe said that Coty will continue to sell its products in China and that it expects to make a profit.
According to the Reuters news agency, Morphe has been in talks with Coty to sell the cosmetics brand.
A Morphe spokesperson did not immediately respond to a request for comment.
Pokimbanese cosmetics companies are regulated by the Ministry of Health, Labor and Welfare.
“The new Coty company will be a new player in the market and we believe that Cotys existing experience will be sufficient to make this transition,” Morphe said in a statement.
The move by Morphe comes a week after Coty’s Chinese parent, Cosmetics Group Co., said that it would purchase its cosmetics division for $1.3 billion.
China’s cosmetics market has been dominated by Cosmetics and its competitors including Nail, Essence and Burt’s Bees.
Cosmetics companies have struggled to gain market share in China amid concerns about counterfeit products and safety concerns.
Earlier this year, China’s central government announced it would ban the sale of face masks in public spaces.
But a Chinese court ruled that cosmetics sales are legal in some cities, meaning the ban does not apply to the cosmetics market.