Vipshop buys 23% stake in cosmetics maker for $55.8M

|About: Vipshop Holdings (VIPS)|By:, SA News Editor

Vipshop (VIPS -4.4%) has bought a 23% stake in Chinese cosmetics products maker Ovation for $55.8M.

Vipshop says the deal will guarantee "a consistent supply of Ovation branded cosmetic products," which are "in high demand" among its 75%-female customer base. The company also asserts Ovation's branding/marketing expertise will be of value.