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Amorepacific selling 60% stake in Pacific Package to AUTAJON Group
Amorepacific, a South Korean cosmetic manufacturer, announced on Tuesday, Sept. 20, that it would be selling a 60% stake in its Pacific Package beauty packaging firm to AUTAJON Group, a French company specializing in packaging and labels.
Amorepacific said that the deal is a strategic move to deepen the partnership between its packaging subsidiary and the French firm. Likewise, the sale is part of the plan to enhance the company’s ties with AUTAJON.
As per Yonhap News Agency, the Korean cosmetic giant did not disclose the details, including the financial terms of the sale deal. However, it said that it would be keeping the remaining 40% stake in Pacific Package, which makes and supplies its packaging and labeling materials for its cosmetic line.
Amorepacific believes that the agreement will definitely boost and advance its business cooperation with AUTAJON Group. In addition, this will provide a new growth push for Pacific Package since it is expecting to get more clients through its French partner. It also hopes to explore new business opportunities through one of the leading European packaging maker.
AUTAJON itself has an impressive list of clientele for its product packages and labels, such as Christian Dior, Chanel, and Chloe, high-end global fashion houses. In any case, Amorepacific is doing business more aggressively in an effort to seek new markets and tie-ups amid its sagging presence in China, which is its primary market.
Pulse News mentioned that Amorepacific’s Pacific Package is based in Cheonan, and it produces premium shopping bags and cosmetics packaging. From the purchase of raw materials to printing and laminating, the company does all the processes in its facility.
“This collaboration with AUTAJON will be an opportunity for PacificPackage to ensure the highest level of competitiveness in technology, manufacturing, quality, and overall logistics as well as lay the foundation to further expand into the global market,” Amorepacific said in a statement. “In addition, PacificPackage will be able to identify additional customers through AUTAJON, allowing the partnership to become a new growth engine for the sustainable growth of PacificPackage.”
Meanwhile, Amorepacific’s Pacific Package and AUTAJON have been doing business since 2015. They signed a memorandum of understanding (MOU) and have been maintaining close cooperation and this latest deal is only to further strengthen the partnership.