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South Korea's top cosmetics manufacturer, Amorepacific Group, has inked a strategic memorandum of understanding (MOU) with A.S. Watson Group, the operator of Watsons' health and beauty retail chain in Asia and Europe. The collaboration aims to elevate the international presence of Amorepacific's renowned and lesser-known beauty brands through A.S. Watson's expansive retail network.
As per Yonhap News Agency, with the agreement, Amorepacific and A.S. Watson Group will work together to help grow the former's beauty brands that are already being sold in various A.S. Watson's platforms such as Etude, Innisfree, and Mise-en-Scene.
In addition, the partners will also cooperate so other little-known brands of Amorepacific, like Illiyoon and Aesotura, could enter the international cosmetic market. Since the Hong Kong-headquartered health and beauty retailer has a wide distribution network in some major markets, it would be easier to achieve this goal.
Amorepacific revealed its latest deal with the Watson Group on Tuesday, June 27. The company further explained that the MOU aims to expand its business on the global scene.
The signing ceremony was held last week at Amorepacific Group's main office in Seoul. It was attended by A.S. Watson Group Asia and Europe's chief executive officer, Malina Ngai, Amorepacific's chief, Lee Sang Mok, and other company executives from the two companies.
Finally, Amorepacific and Watson Group's cooperation will include sharing market and customer data, development and implementation of marketing initiatives, and joint creation of brands and products, The Korea Economic Daily reported.
"This MOU will create synergies based on the strengths and expertise of both companies, enabling effective responses to the diverse needs of global beauty customers," CEO Lee stated
Watson Group's chief Ngai added, "Through this partnership, more global customers will have the opportunity to encounter and experience exceptional beauty products inspired by the beautiful Korean culture."
