US based cosmetics firm Avon Products and Greek brand Korres are teaming up to expand their respective businesses in Latin America. According the agreement, Avon will exclusively develop, manufacture and market Korres products in Latin America. This long-term strategic alliance includes all major markets where Avon operates in Latin America, and provides Avon the option to purchase all of the intellectual property rights to the Korres products in that region.
Latin America is a growing beauty market and is Avon’s largest business unit, accounting for nearly half of the company’s revenues.
Korres is a skincare brand created by Greek pharmacist George Korres in1996 out of the oldest homeopathy pharmacy in Athens. The brand now offers over 400 products sold in 30 countries worldwide, where it is renowned for its efficacious natural formulations.
“Latin America has always been of interest to us. We feel there is a unique opportunity to reach consumers who share our values and philosophy,” said George Korres.
In 2009, Korres had entered into a product licensing agreement with Johnson & Johnson, another cosmetics giant, to sell and distribute its products in North America.