Shanghai Mayor meets with Estée Lauder CEO

Shanghai Mayor Gong Zheng met with Estée Lauder Global President and CEO Fabrizio Freda and his delegation on Thursday.

Gong stated that Shanghai is accelerating the construction of a world-influential socialist modern international metropolis according to President Xi Jinping's strategic positioning for Shanghai's development. Shanghai will consider the cosmetics industry and other fashionable consumer goods industries as one of the six key industries for development, and it is expected to form an industrial scale of over 500 billion yuan (US$72.89 billion) by 2025.

The city welcomes world-renowned enterprises to participate deeply. Shanghai is willing to deepen long-term strategic cooperation with Estée Lauder, and is looking forward to more high-quality products and characteristic brands from Estée Lauder being introduced in Shanghai.

The mayor hoped that Estée Lauder can actively participate in the construction of an international consumption hub city, making use of the platform of the Import Expo. Shanghai will build a top-level commercial environment that is market-oriented, rule-of-law and international.

Freda said that China's economy has shown a rapid recovery momentum, and Shanghai will play an important role. The designation of the cosmetics industry and other fashionable consumer goods industries as key industries is exciting, and Shanghai's talent advantage is its biggest attraction.

With the establishment of the Estée Lauder China Innovation Center in Shanghai, the company will actively encourage local innovation, bring more new brands and new products to Shanghai, and deepen cooperation in the development of biomedicine, support for innovation, entrepreneurship, charity and other areas, Freda said.

Estée Lauder Group is a leading global cosmetics company, and its wholly-owned subsidiary in China is located in Minhang, Shanghai.