The 2021 Oriental Beauty Valley International Cosmetics Conference (OBVIC) will be held at the Oriental Beauty Valley in Shanghai Fengxian district from Nov 7 to 9. [Photo/obvgroup.com]

The 2021 Oriental Beauty Valley International Cosmetics Conference (OBVIC) will be held at the Oriental Beauty Valley in Shanghai Fengxian district from Nov 7 to 9, officials announced on Tuesday.

Hosted by the Shanghai Municipal Commission of Economy and Informatization, the Shanghai Municipal Commission of Commerce, and the local government of Fengxian district, the cosmetics conference will invite leading cosmetic brands and professional institutions to discuss hot topics amid the current global situation, said Li Lei, a government official of Fengxian District, at the news conference.

International and domestic brands such as L'oreal, Shiseido, Unilever, and Jahwa, institutions like the European Chamber, major companies like Alibaba, and universities such as Fudan University and Jiaotong University will attend the conference.

"The conference has been successfully held thrice, and 185 new cosmetic projects have been launched in the past three years, including the R& D center of Shiseido, Perfect Diary, and MINISO," said Li.

She pointed out that the valley has become home to more than a quarter of the cosmetics enterprises in the city, accounting for 40 percent of market sales. It has also become one of the largest cosmetics clusters in the city as well as the nation.

"The city's 14th Five-Year Plan has incorporated fashion consumer goods into the six key industries supporting the future development of Shanghai for the first time, and the cosmetics industry is a core field," said Chen Wenshan, director of the urban industry department at Shanghai Municipal Commission of Commerce.

Chen pointed out that the cosmetics market in the city is expected to be valued at 300 billion yuan ($47 billion) by 2023 and have 10 leading enterprises with an annual income exceeding five billion yuan.