Shinsegae International, a luxury fashion unit of retail giant Shinsegae Group, Wednesday announced its advancement into the cosmetics industry by collaborating with Italian beauty product maker Intercos.
Shinsegae, famous for acquiring the exclusive distribution rights of a slew of global high-end perfume brands here, expects to pierce the luxury market with its own brand, while Intercos is hoping to get a strong foothold in the Asian market, the company said.
Intercos is a globally leading original equipment manufacturer and design manufacturer, with more than 300 clients, including Chanel, Lancome, Estee Lauder and Dior.
“In order to provide the best cosmetics to Korean and Asian customers, we are establishing a new company. We will seek for innovative products and marketing,” said Choi Hong-sung, head of Shinsegae International.
The new company Shinsegae Intercos Korea will be a 50:50 joint venture. According to the agreement, Intercos Korea CEO Kim Wang-bae will take the helm of the company, aiming to generate 100 billion won ($85.3 million) in sales by 2020.
The company will setup a research and development center in Gyeonggi Province and start rolling out makeup and skin care products targeting Asian women.
