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L'Oreal is set to launch its new luxury beauty brand in South Korea, and for this, it has tapped Hotel Shilla as a partner. The French cosmetic and personal care brand and Korea's luxury hotel are working together for the launch, and the former hopes this will showcase the skills of the Asians, that are known to be excellent in blending natural ingredients and effectiveness.
As per Aju Business Daily, along with Anchor Equity Partners, L'Oreal and Hotel Shilla will be the owners of almost equal shares in the investment. Then again, the financial details were not divulged, so there is no way to determine the exact figures at the moment.
"This novel three-party partnership will bring together a unique combination of L'Oréal's beauty expertise, supported by Shilla's luxury retail channel and underpinned by Anchor's robust financial and business model," L'Oreal stated on Tuesday, June 21.
With its latest collaboration with Hotel Shilla, which runs a duty-free chain and luxury hotels in the country, L'Oreal has effectively expanded its business ties with some of the local firms. This is said to be part of the cosmetic firm's strategy to maintain its brand power in Asia.
L'Oreal knows that the Hallyu Wave has expanded worldwide, and this helped popularize South Korean skincare products and make-up around the world. Banking on this, the French company hopes to ride in this wave and bring its brand across the globe, especially in the Asian markets, at affordable price ranges.
Meanwhile, L'Oreal has already joined forces with other Korean firms for years. It has also acquired some companies, such as Stylenanda, a local fashion and cosmetics brand.
In 2018, L'Oreal worked with Lotte Duty Free, the leading duty-free shop operator in the country and introduced the Dream Face digital make-up service the following year, in 2019. The service lets customers buy L'Oreal products without going to the stores, and the transactions are fully done via mobile applications.
Dream Face also allowed buyers to enjoy a virtual experience before the purchase of any item. By using this, they can determine which colors are best for their face and features.
