Golden Apple plans to invest up to 4 bln rubles in factory for skincare products

MOSCOW. Sept 1 (Interfax) - Perfume and cosmetics retailer Golden Apple is planning to launch production of skincare products in Russia, the company said in a statement.

It will invest up to 4 billion rubles in the project and is currently negotiating with several factories in the Moscow region and the Urals to acquire production sites.

The full ramp-up of the factory is expected in 2027-2030.

Golden Apple has plans to begin producing cosmetics to sell under its own brand name and under production contracts for Russian brands.

"This factory could become part of the all-in-one service which Golden Apple offers Russian brands - from developing formulas and production to sales, logistics and export [...] We believe in the export potential of Russian products and are aiming to make this a long-term investment project," Golden Apple founder Ivan Kuzovlev is quoted as saying in the statement.