Coty Inc. has partnered with LG Household & Health Care, a leading Korean cosmetic company, to create Coty Korea, a joint venture established to expand the business of both companies in the Korean beauty market. A Coty executive will lead the new venture as CEO.
With this partnership Coty intends to further increase its presence in Asia and build its cosmetics and skin care business worldwide.
“Korea is a key emerging market for the beauty industry, and our respective organizations have worked together extensively in our plan for success there,” said Michele Scannavini, Coty’s President. “On top of growing Coty’s presence in Asia, this partnership represents an important step toward our ambitious goal of expanding our cosmetic business across the globe.”
This fall, Coty Korea will kick off its efforts by introducing iconic beauty brand philosophy into the Korean marketplace. Indeed, the philosophy brand should play a key role in Coty’s expansion throughout Asia.
“Beyond the launch of philosophy, Coty Korea will continue to look for opportunities to further expand and enhance its presence in the market,” adds the company in a release.