April 25, 2024

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[THE INVESTOR] Shinsegae International said on Sept. 5 it has acquired the sales rights of French perfume brand Diptyque in Korea -- the seventh of its kind for the Korean retail giant’s luxury business unit.

High-priced Diptyque entered the Korean market in 2008 through local cosmetics retailer BMK. The brand gained a footing from 2012, with its sales more than doubling every year. 

Shinsegae has acquired the sales rights of a slew of luxury perfume brands such as Hermes, Byredo and Santa Maria Novella in recent years.

The firm also recently set up Shinsegae Intercos Korea, a joint venture with Italian cosmetics manufacturer Intercos Group, to produce cosmetics products for top global brands. Shinsegae aims to elevate its contract manufacturing sales to 100 billion won (US$88.40 million) by 2020.

By Song Seung-hyun (ssh@heraldcorp.com)