GREECE: Korres has granted Avon Products Inc. exclusive rights to develop, manufacture and market its products in Latin America. This long-term strategic alliance includes all major markets where Avon operates in Latin America, and provides Avon the option to purchase all of the intellectual property rights to the Korres products in that region.
Created by Greek pharmacist George Korres, Korres is a Greek skin care brand known best for its highly efficacious natural formulations. It boasts more than 400 products sold in 30 countries.
“Latin America is a growing beauty market and a major component of the Avon portfolio. I’m very pleased that through this strategic alliance, we can leverage Avon’s extensive network and capabilities to bring the Korres brand and products to more women across Latin America,” said Sheri McCoy, CEO, Avon Products, Inc.
“Latin America has always been of interest to us. We feel there is a unique opportunity to reach consumers who share our values and philosophy; Avon is a strategic partner that can help us start this wonderful journey,” said founder George Korres.
Fernando Acosta, senior VP and president, Latin America at Avon Products, called Korres a “perfect fit” to Avon’s business in Latin America.
Acosta added, “Korres is a beauty brand that is passionate about the power of natural extracts and ingredients. This alliance brings some fabulous, highly efficacious products that our consumers will love.”
Latin America is Avon’s largest business unit, accounting for nearly half of the company’s revenues.