Cult beauty brand Milk Makeup has received the backing of the Seoul-based cosmetics giant Amorepacific. The K-beauty conglomerate has invested in the clean beauty brand as a minority shareholder, as Milk Makeup prepares to enter the South Korean marketplace.
"The South Korean beauty market is highly competitive and incredibly innovative, so we are thrilled to have Amorepacific’s help to ensure our success in this important beauty space," said Mazdack Rassi, CEO and Cofounder of Milk Makeup, in a statement. "This strategic partnership will allow us to benefit from Amorepacific’s significant expertise and resources. And in true partnership, Milk Makeup will share the strategies that have made it one of the fastest growing color brands in the US."
Amorepacific boasts an extensive portfolio of prolific beauty brands, including Laneige, Etude House and Innisfree, among others. In investing in Milk Makeup, it joins the existing minority shareholders Main Post Partners and Alliance Consumer Growth.
Since being founded in 2015, Milk Makeup has garnered a cult reputation for its cruelty-free, paraben-free, 100% vegan formulas and fun packaging. The brand has seen several major product drops in 2019, releasing its first-ever cream moisturizer this month and teaming up with Sephora on a makeup brush collaboration earlier in the year.