Amorepacific Group has formed a stragetic partnership with US-based Milk Makeup, becoming a minority shareholder of the company.
Founded in 2015 in New York, Milk Makeup and sold its products exclusively through Sephora in the US and Europe, and Cult Beauty in the UK.
Through this partnership, Amorepacific will support Milk Makeup’s global expansion. Amorepacific’s experience in entering new markets will be joined with Milk Makeup’s insights that have quickly made the brand a cult-favorite among millennial and Genenration Z consumers in the US.
“Milk Makeup is sought after by beauty enthusiasts for its innovative formulas and clean ingredients. Through this partnership, Amorepacific will provide full support for its entrance into the Korean market and others in the future,” said Bae Dong-hyun, president of Amorepacific Group.
“The South Korean beauty market is highly competitive and incredibly innovative, so we are thrilled to have Amorepacific’s help to ensure our success in this important beauty space,” said Mazdack Rassi, CEO and Cofounder of Milk Makeup. “This strategic partnership will allow us to benefit from Amorepacific’s significant expertise and resources. And in true partnership, Milk Makeup will share the strategies that have made it one of the fasting growing color brands in the US.”
Scott Sassa, chairman of Milk Makeup, led the multi-year process to put this deal together, according to the companies.
“We were impressed by Amorepacific’s track record of internally starting and growing beauty brands,” noted Sassa. “This shared belief in building brands designed to last for decades was central to establishing this relationship.”