French beauty brand Laura Mercier has inked an agreement with Shinsegae International, for the distribution of its cosmetics and skincare in South Korea.
SEE ALSO: Indian conglomerate Tata plans to open 20 ‘beauty tech’ outlets
Shinsegae said it plans to open more Laura Mercier stores at major department stores and duty-free shops, while selling Laura Mercier products online through the Shinsegae-owned e-commerce shop, SiVillage.
The move comes as the Korean fashion and cosmetics retailer looks to bolster its international roster of brands.
“We plan to secure growth momentum by discovering new brands in fashion and beauty,” an official from Shinsegae International told local media.
According to Shinsegael, Asia is one of Laura Mercier’s key markets, accounting for 20 percent of the brand’s sales.
The Korean rights to the Laura Mercier brand were previously owned by Shiseido Korea Co., the local arm of Japanese cosmetics brand, Shiseido.
In August 2021, parent company Shiseido announced that it had sold the Laura Mercier brand to AI Beauty Holdings, an entity owned by private equity partnership Advent International, along with its BareMinerals and Buxom beauty brands.
Founded in 1996 by French makeup artist Laura Mercier, the namesake beauty brand is sold in some 40 countries globally.
Shinsegae International currently hold licenses for 29 cosmetics companies, including Diptyque, Santa Maria Novella, Byredo and Hermes Beauty.
SEE ALSO: Prices hike 2 – 7 percent for imported DF cosmetics brands in Korea
The company owns Swiss Perfection, which it acquired from Swiss Perfection Montreaux in 2020. It also acquired the Paul Poiret brand in 2015, and it distributes its cosmetics through department stores in France and the United States.