Hong Kong based LF Beauty - a subsidiary of the Li & Fung group specializing in turnkey cosmetic lines and packaging - and Korea’s Cosmecca, which specializes in multi-functional cosmetics, have signed a memorandum of understanding to collaborate on the research and development and manufacturing of beauty and skincare products for brands and retailers worldwide. Both companies are exhibiting at the 2nd edition of MakeUp in Seoul, which will open its doors at the Conrad Hotel on 15-16 April 2015, and will seize this opportunity to introduce their new partnership to their customers.
“South Korean companies have set the standard for innovative skincare products in Asia,” said Gerard Raymond, president of LF Beauty. “We want to give our international customers access to world-class South Korean formulations and manufacturing. Cosmecca is one of the top beauty producers in South Korea so it is only natural for us to partner with them.”
Effective as of 18 March 2015, the agreement provides that LF Beauty and Cosmecca will leverage the strength of their combined R&D and manufacturing capabilities in South Korea, China, Thailand and Indonesia. They will also align cross-selling efforts of existing and new products to maximize sales opportunities within Li & Fung’s customer network in Europe and the US.
“Our vision is to be a global market leader in the development and manufacturing of innovative cosmetic products that get consumers excited,” said Im-Rae Cho, president of Cosmecca. “Together with LF Beauty, we have a tremendous opportunity to bring K-Beauty innovation to brands and retailers around the world.{}”
