Leading cosmetics contract manufacturer Intercos Group
has acquired the joint venture it created with fashion and beauty retailer Shinsegae International
by buying the remaining 50% of Shinsegae Intercos Korea Inc. Financial details of the deal were not disclosed. The move dovetails with Intercos’ strategy to leverage Intercos Korea as an Asian hub. Intercos said the business will become its main research and development center for the area and a global center of excellence for categories including foundations and skin care.
The JV was formed in 2015 to enable Intercos to enter Korea and grow local manufacturing activities. At the same time, strengthened Shinsegae's position and gave it access to more innovation. Both companies said that they are committed to maintaining their collaboration by launching products under Shinsegae brands.