Having just made the decision to appoint retiring CEO Bernd Beetz’s successor, Coty has been busy again, this time with the joint venture in Korea.
Coty says the partnership marks an important move to further increase its presence in Asia and strategically build its cosmetics and skin care business worldwide.
For LG H&H, the partnership demonstrates further enhancement in its leadership in the Korean consumer market, which was built on non-stop 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.
Key emerging market
"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, newly-appointed CEO in-waiting.
"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."
Likewise Suk Cha, CEO of LG H&H shared Coty’s optimism stating that the venture will not only be Coty's first steps expanding its cosmetics products in the market, but will also further increase LG H&H's presence in Korea.
"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."
Expansion in Asia
Coty Korea will kick off its efforts this autumn by launching its skin care portfolio in the region; stating it is an important segment in Asia.
Cosmetics Design will also be expanding into Asia this autumn with the launch of its new website CosmeticsDesign-Asia.com.
The new site will cover all the latest formulation, packaging, regulatory and market news in Asia-Pacific and will launch on September 4, 2012.