South Korean cosmetics maker LG Household & Health Care has formed a joint venture with US-based hair care product maker Farouk Systems to expand its domestic and overseas business.
LG H&H said Sunday that the two companies have agreed to step up their former partnership in Korea and form a 50-50 joint venture called LG Farouk Co.
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A number of Farouk Systems’ products on display (LG Household & Health Care) |
Since 2013, LG’s has been exclusively selling Farouk’s hair care brand Silk Therapy as well as CHI hair products here through online and home-shopping channels.
Under the new partnership, LG Farouk will begin locally manufacturing the two previously imported products in Korea, and introduce new Farouk hair care and styling products in the future, LG H&H said.
Through the joint venture, the Korean cosmetics giant also expects to leverage Farouk’s vast sales and distribution networks in North America -- which spans more than 200,000 hair salons and beauty specialty stores -- to introduce its own premium hair care products and cosmetics in global markets, it added.
“The partnership will expand and enhance LG H&H’s presence in both the Korean and international hair care market through synergies formed in terms of research and development as well as marketing,” LG H&H said in a statement.
LG H&H is the cosmetics, hair products and household goods making unit of Korean electronics giant LG Group. Farouk is a Houston-based hair product maker founded in 1986 and best known for professional hair care goods, including the hair essence Silk Therapy, and hair colorants and care products under the CHI brand.
By Sohn Ji-young (
jys@heraldcorp.com)
