"We are thrilled to have a strategic partner such as LG given its stature as a leader in cosmetic products in Korea and the rest of Asia," stated Parrish Medley, president and chief executive officer of Davi Luxury Brand Group, Inc. "LG has helped us cultivate our brand within the Asia Pacific region and has been instrumental in launching the Davi brand in Seoul, South Korea, one of the most educated, sophisticated and growing luxury markets in the world. As one of the largest beauty and cosmetics companies in Asia and worldwide, LG has successfully expanded its portfolio of brands through its unparalleled commitment to quality and excellence in nurturing and developing brands while introducing innovative products that appeal to a sophisticated consumer base."
According to Davi, the new line line utilizing LG's advanced technology along with Davi's exclusive Meritage Blend and the patented Phytosphere technology. The license agreement grants LG the right to commercialize Davi branded women's and men's skin care and cosmetics in the Asia, including the development of retail outlets and other commercial ventures in the Asian-Pacific region.
LGHH commenced sales of Davi products in the third quarter of 2013 with the opening of four retail stores in Seoul and more stores in high-level luxury department stores are scheduled to open in South Korea in 2014.
LGHH plans to launch additional Davi branded stores through high-level department stores in other Asian-Pacific territories such as Japan, China, Hong Kong and Singapore in 2014. The Davi stores currently feature over 30 SKUs of skin care products, including the company's flagship Le Grand Cru Collection, moisturizers, cleansers, toners, essences, serums and specialty products.
The company also plans to launch Davi in the North American retail market in 2014 through the sale of Davi products in US luxury department stores as well as through the company's own flagship free standing retail store that is currently being completed in Beverly Hills, CA.