Washing products on shelves in a supermarket in Nanjing, eastern China. [CFP]
Daily cosmetics companies in China are planning to raise prices of their products due to hiking raw material costs, led by international giants Procter & Gamble (P&G) and Unilever, the China Business News reported Tuesday.
Companies in China, including domestic companies Nice Group and Libai Group, are following the trend and planning an average 10 percent-adjustment till the beginning of April this year. The adjustment will cover products such as washing powder, soap, shampoo and others, the report said.
The report, citing several managers in supermarkets in Guangzhou, said that most supermarkets have already received notices from manufacturers.
Zeng Xiwen, vice-president of Unilever (China) said that raw material prices, including crude oil, vegetable oil and inorganic salts, increased a lot compared to last year.
Presently, P&G, Unilever, Nice and Libai, another leading local brand, take up almost 80 percent of market share in China.