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Amore Pacific Group CEO Lee Sang-mok (right) and Malina Ngai, CEO of A.S. Watson Group (Asia & Europe) pose for a photo at a memorandum of understanding signing ceremony at the Amore Pacific Group headquarters in central Seoul on Tuesday. (Amore Pacific Group) |
South Korean cosmetics giant Amore Pacific Group said Tuesday it has signed an initial pact with international health and beauty retailer A.S. Watson Group to expand its global business.
With the memorandum of understanding, the two companies agreed to cooperate to seek the growth of Amore Pacific's brands that have already entered A.S. Watson's platforms, including Innisfree, Etude and Mise-en-Scene.
The companies also agreed to cooperate to help more Amore Pacific brands, such as Illiyoon and Aesotura, break into the global market.
Amore Pacific said it will be able to present its "innovative" products to more global consumers through A.S. Watson's broad distribution network.
A.S. Watson, established in 1841, is one of the world's largest health and beauty retailers, with more than 16,000 stores in 28 markets across the world.
It has maintained a strategic partnership with Amore Pacific Group since 2019. (Yonhap)
