US-based beauty retailer Coty has teamed up with South Korea’s leading cosmetic company LG Household & Health Care to create Coty Korea, a joint venture to expand the presence of both companies in the Korean cosmetics market.

The partnership marks a significant move by Coty to further increase its presence in Asia and strategically build its cosmetics and skin care business worldwide. The partnership also demonstrates further enhancement in LG Household & Health Care’s leadership in Korean consumer market, which was built on nonstop organic growth and a continuous stream of acquisitions and new ventures.

Coty Korea will be led by a CEO from Coty US.

“Korea is a key emerging market for the beauty industry, and our respective organisations have worked together extensively in our plan for success there,” said Michele Scannavini, president, Coty Prestige.

Scannavini added that the new joint venture will allow Coty to fulfill the innovative vision that the company has set forth.

This fall, Coty Korea will kick off its efforts by introducing iconic beauty brand ‘Philosophy’ into the Korean marketplace. Best known for its lines of inspirational beauty products, the ‘Philosophy’ brand will play a key role in the expansion of Coty’s portfolio of products, particularly its skin-care structure throughout Asia.

The importance of skin care products cannot be overestimated in the Asian marketplace particularly in Korea, China and Japan, where skin care is valued over color cosmetics by women who are looking for flawless skin.

Beyond the launch of Philosophy, Coty Korea will continue to look for opportunities to further expand and enhance its presence in the market.

GB