Avon partners with Korean formulation expert
The move forms part of Avon{s plans to reinvent itself as a more innovative and global beauty and personal care player, and by moving in on Korean formulation expertise, the company is tapping into one of the hottest trends in the industry.
Avon says the move serves to embrace what executives term, an "open eco-system through new alliances to optimise manufacturing and distribution, the collection is developed in partnership with Korean innovation experts".
Bonne helps Avon go Korean
South Korean player Bonne is a leading developer and manufacturer of luxury beauty, and thanks to the partnership with the player, a new product range is being made in the country using authentic formulas and ingredients, harnessing characteristics that have come to typify K-beauty products.
The company has built its name in the Korean beauty market by developing a collection of masks and hand creams that use high tech ingredients, including Cica, Chaga mushrooms and Hydrogel.
Avon says that the partnership has led to Hydrogel masks that are unlike others on the market because they are free from mesh or nets that most products on the markets need to overcome ripping issues.
Tapping into innovation and growth
In recent years the Korean beauty market has gone from strength to strength, elevated by the international success of the country pop culture, combined with a reputation for high quality and innovative products.
“Korean beauty is expected to hit $13.1 billion by 2020 (Euromonitor) – it’s the fourth largest skincare market in the world,” said Louise Scott, Avon's Chief Scientific Officer.
“Avon has a rich history in world-class innovation and when combined with something as on-trend as K-beauty and the digitisation of our business it’s exciting for our customers and Representatives. The K-beauty collection brings innovative formulas and authentic ingredients that we do not have anywhere else in our portfolio. It’s a thrilling evolution in our mission of making top quality products available to everyone.”
Avon executives say that the partnership with Bonne marks the latest milestone in its transformation programme, which will continue to work with third parties to deliver on-trend products to meet local market needs.
