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SOFIA (Bulgaria), July 25 (SeeNews) - Cosmetics producer Bulgarian Rose [BUL:4BH] said on Thursday that it has decided to terminate its deal with Beijing Fangcaoziyan Cosmetics Trading Co. for exports of cosmetic products and rose oil due to the Chinese company's systemic failure to adhere to the agreement.
The orders by Beijing Fangcaoziyan Cosmetics Trading Co. were lower than the agreed upon volume, Bulgarian Rose said in a bourse filing.
Bulgarian Rose will continue to look for opportunities to export its output to the Chinese market, the company said.
The deal between the two companies was signed in July 2018, as the China-CEE 16+1 summit was taking place in Sofia at the time. The value of exports is expected to reach 40 million levs ($24.2 million/20.4 million euro) in the long run, Bulgarian Rose said after signing the agreement.
Karlovo-based Bulgarian Rose, established in 1948, manufactures cosmetic products for face, body, and hair using rose oil and locally-grown herbs. Bulgarian Rose has stores in nine cities across Bulgaria.
(1 euro = 1.95583 levs)