South Korea’s Amorepacific Group and US vegan cosmetics company Milk Makeup are partnering in the areas of marketing and business operations, the Korean firm said Tuesday.
Milk Makeup, established in New York in 2015 as a cruelty-free and 100 percent vegan cosmetics firm, is popular for its “clean beauty” concept. Its products are sold in major markets via personal care and beauty chain Sephora and online retailer Cult Beauty.
Market sources estimated that Milk Makeup will record $60 million in net sales for 2019.
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Amorepacific Group President Bae Dong-hyun (right) and Milk Makeup founder Mazdack Rassi pose for a photo after a ceremony held Friday. (Amorepacific) |
Amorepacific said it aims to work closely with Milk Makeup -- which is popular among millennial and Generation Z consumers -- and learn from the latter’s strategies as a fast-growing indie brand.
The US brand is expected to benefit from Amorepacific’s regional expertise for global expansion, the company said in a statement.
“We are going to actively support Milk Makeup’s advancement into new markets, including Korea, promoting Milk Makeup’s innovative formula and clean components,” said Amorepacific Group President Bae Dong-hyun.
In November, Amorepacific acquired a minority stake in Milk Makeup as part of the US brand’s planned expansion into Korea.
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ddd@heraldcorp.com)
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