Korean beauty giant Amorepacific announced on Dec. 17 that it has signed a strategic partnership deal with US-based cosmetics company Milk Makeup.
Established in 2015, Milk Makeup is known for its “clean-beauty” products, which are cruelty-free and vegan. The products are currently sold at US-based multibrand cosmetics store Sephora and by UK-based cosmetics store operator Cult Beauty.
“Milk Makeup became popular especially among millennials with its evolutionary formulas and ingredients,” Amorepacific CEO Bae Dong-hyun said. “Amorepacific will support Milk Makeup to enter the global and Korean market through this deal.”
The Korean beauty giant added that it will cooperate with Milk Makeup in various sectors including marketing and sales to also appeal to Generation Z -- those born from the mid-90s to the 2000s.
Although the Korean company did not state the specific amount that was funded, Amorepacific confirmed that it had invested in Milk Makeup in November to strengthen their partnership.
A Milk Makeup official said that it is glad to join hands with Amorepacific, which has been operating global brands for over 70 years.
Amorepacific is known for operating brands including Innisfree, Amorepacific, Sulhwasoo, Laneige and Annick Goutal.
The Korean company’s sales this year are expected to be around 5.58 trillion won ($4.79 billion), while posting around 455.1 billion won in operating profit.
By Song Seung-hyun (email@example.com)