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By
Reuters
Published
Dec 23, 2015
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Italy's Intercos seals cosmestics JV with S.Korea's Shinsegae

By
Reuters
Published
Dec 23, 2015

Italian cosmetics maker Intercos said on Wednesday it had set up a joint-venture with Seoul-listed retailer Shinsegae International to jointly develop make-up and skin-care products targeting Asian markets.

Intercos


South Korea's $12-billion cosmetics industry has benefited from more Chinese tourists hunting for chic but relatively inexpensive make-up brands made popular by Korean pop music, movies and TV shows.

Shinsegae Intercos Korea, the joint-venture owned equally by Intercos and Shinsegae, will be based in Pangyo, near Seoul.

Intercos, which had sales of 350 million euros ($382 million) last year, failed to complete a planned bourse listing in October 2014 due to difficult financial markets.

In December of the same year U.S. private equity firm Catterton bought a minority stake in the group, which is headquartered near Milan. ($1 = 0.9154 euros)


 

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