NEW YORK, July 25, 2012 (ANTARA/PRNewswire) -- Coty Inc., the new emerging leader in beauty, along with Korea's leading cosmetic company, LG Household & Health Care ("LG H&H") are pleased to announce the creation of Coty Korea, a joint venture established to expand the presence of both companies in the Korean cosmetics market.
The partnership marks an important move by Coty to further increase its presence in Asia and strategically build its cosmetics and skin care business worldwide. While for LG H&H, the partnership demonstrates further enhancement in LG H&H'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 Coty executive as CEO of the new venture.
"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, President, Coty Prestige. "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. Our 'Faster. Further. Freer.' culture, combined with LG H&H's dynamic leadership in the marketplace, will allow us to fulfill the innovative vision we've set forth for the company."
"We are very excited to be the strategic partner for Coty Inc., and be a part of Coty's first steps in expanding its cosmetics product portfolio into this growing market. This partnership will also further increase LG H&H's leading presence in Korea," said Suk Cha, CEO of LG H&H. "We look forward to a long and fruitful relationship with Coty, which is also a major global player in beauty. It is a company whose culture and goals are complementary to our own and with whom we can potentially discuss other common projects abroad."
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.i
Beyond the launch of philosophy, Coty Korea will continue to look for opportunities to further expand and enhance its presence in the market.
For complete information on philosophy and all of Coty's brands, please visit www.coty.com.
About Coty Inc.
Coty was created in Paris in 1904 by Francois Coty, who is credited with founding the modern fragrance industry.
Today, Coty Inc. is the new emerging leader in beauty with annual net sales of $4.5 billion. Driven by an entrepreneurial spirit, passion, innovation and creativity, Coty Inc. has developed an unrivaled portfolio of notable brands and delivers its innovative products to consumers in over 130 countries and territories worldwide.
The Coty Prestige brand portfolio is distributed in prestige and ultra-prestige stores and includes Balenciaga, Bottega Veneta, Calvin Klein, Cerruti, Chloe, Chopard, Davidoff, Jennifer Lopez, Jil Sander, JOOP!, Karl Lagerfeld, Kenneth Cole, Gwen Stefani, Lancaster, Marc Jacobs, Nikos, philosophy, Roberto Cavalli, Sarah Jessica Parker, Truth or Dare by Madonna, Vera Wang, Vivienne Westwood and Wolfgang Joop.
The Coty Beauty brand portfolio is more widely distributed and includes adidas, ASTOR, Beyonce Knowles, Celine Dion, David and Victoria Beckham, Elite Models, Esprit, Exclamation, Faith Hill, GUESS?, Halle Berry, Heidi Klum, Jovan, Kate Moss, Kylie Minogue, Lady Gaga, Manhattan, Manhattan Clearface, Miss Sporty, Nautica, N.Y.C. New York Color, Nicole by OPI, OPI, Pierre Cardin¹, Playboy, Rimmel, Sally Hansen, Stetson, Tim McGraw, TJoy and Tonino Lamborghini.
Coty and Puig S.L. have a strategic partnership for the distribution of the perfume lines of Antonio Banderas, Carolina Herrera, Nina Ricci, Paco Rabanne, Prada, Shakira and Valentino in the United States and Canada.
For additional information about Coty Inc., please visit www.coty.com.
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About LG
LG is a global company with annual net sales of $124 billion. The company has a workforce of over 210,000 people around the world and over 70% of total annual sales are generated from overseas operations.
For additional information about LG, please visit www.lgcorp.com.
About LG H&H
LG Household & Health Care, Ltd., founded in 1947, is a subsidiary of LG. The Company is the biggest FMCG company in Korea.
For additional information about LG H&H, please visit www.lgcare.com/english/.
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