PLK International, a South Korean cosmetics company, has reportedly acquired a 30% stake in Delhi-based company Rajshree Empires.
The acquisition forms part of a joint venture agreement between Rajshree Empires and the five cosmetics companies: PLK International, Coson, Outin Futures Corp, BCL Cosmetics and Kell Cosmetics. The venture is said to mark the debut of the five cosmetics firms in India, with the aim of creating a 'pure Korean cosmetic retail network' in the region, according to Mumbai News Network.
Mumbai News Network reported that Dong Un Lee, CEO of PLK International, said: “This is a major achievement of Korean cosmetic companies to enter India after so many other big corporates from our country have already made an indelible mark with their high end automobiles and consumer electronics products and other appliances. We are confident that Korean cosmetic companies will revolutionise the beauty and wellness industry in India taking it to the next level.“
