Italian beauty manufacturer Intercos has become the sole stakeholder in Shinsegae Intercos Korea, after Shinsegae International sold its 50% share in the joint venture.
Shinsegae International sold 3,356,654 shares, equivalent to 50%, in Shinsegae Intercos Korea to its partner Intercos for ₩17.22bn (US$14.4m), according to Pulse News Korea.
Shinsegae owns two cosmetics brands Yunjak and Vidi Vici, which have been manufactured by the joint venture to date.
The brands will continue to be supplied by Shinsegae Intercos Korea, despite the sale.
Shinsegae Intercos Korea is a joint venture that was set up in 2015 between the two companies.
The partnership aimed to boost Intercos’ presence in Asia, one of its key markets, and included the opening of an innovation and production facility in South Korea.
At the time, Anna Dato, Marketing Manager for Intercos’ Asia division, told Cosmetics Business: “The facility will help us tap into the beauty trends coming out of Korea – the biggest beauty influencer in Asia.
“There, we will create innovative, new beauty products for both Asian and global consumers. It will also strengthen our presence in East Asia and bring us closer to the Chinese market.”
The latest development is said to allow Shinsegae to focus on M&A and other investment, according to the Pulse News Korea report.
