ABS-CBNABS-CBN is entering into a joint venture with Ever Bilena Cosmetics Inc. to develop a new cosmetics brand.

It will invest in a joint venture corporation with Ever Bilena to engage in the business of manufacturing, production, trading and sale, on wholesale or retail cosmetics, including purchase and importation of raw materials, finished goods, packaging materials, machinery and equipment, ABS-CBN told the stock exchange.

ABS-CBN will subscribe to P1.25 million out of the total initial capital stock of P10 million, the statement said.

“The two industry leaders aim to provide consumers with cosmetic products that are affordable and with good quality,” ABS-CBN said.

Ever Bilena’s strength in production, distribution and development and ABS-CBN’s expertise in marketing promotions and talent development will be beneficial in launching a cosmetic brand, the statement said.