The Jatcorp Ltd(ASX: JAT) share price was up 11% over lunch today after the company received approval from China to sell its newly developed skincare product. However, the Jatcorp share price has since lost much of that ground and is up 3.7% trading at 2.8 cents at the time of writing. Jatcorp share price higher on Chinese approval
Jatcorp has been busy making a pivot into new lines of business alongside its traditional infant formula segment. This is in response to a new COVID-19 environment that has seen minimal sales through daigou channels and a lack of international tourism. On Wednesday, the company announced that its first product, Poupin Silky Brighten Revitalising Serum, has been approved by the Chinese Government authority, CFDA, for sale in China through off-line channels, including local department stores and specialty cosmetics stores. Jatcorp also intends on selling its products through major online platforms, including the most popular social media web influencer sales channels.