Intercos Group acquires the whole capital of Shinsagae Intercos Korea

Agrate Brianza (MB), July 08, 2020

Intercos Group, leading company in the formulation and production of cosmetic products, announces the acquisition of the remaining 50% of the joint venture Shinsagae Intercos Korea Inc. from Shinsagae International Inc. Following this operation, Intercos holds 100% of Intercos Korea.

The acquisition is in line with Intercos strategy of further investing in Korea, leveraging the Company as a strategic hub for Asia and fully exploiting significant synergies with the rest of the Group. In particular, Intercos Korea will become the main R&D center for Asia, and global center of excellence for strategic categories such as Foundations, Hybrids and Skincare.

The joint venture Shinsagae Intercos Korea, founded in 2015, allowed Intercos to enter the Korean market and to successfully establish and grow the local cosmetic manufacturing activities (ODM). For Shinsagae the partnership was strategic to strengthen the position and the innovation rate of its cosmetic brands. After the initial phase, the two Companies are evolving and reshaping the dynamic of
the partnership.

With Intercos’ acquisition of 100% of the JV, both Companies will be focused on their respective core business so as to capture any market opportunity. Intercos and Shinsagae are committed to maintain their collaboration, as proven by the long-term partnership agreement signed, to continue developing and launching innovative products under the Shinsegae brands.

“We are thankful for this successful partnership and ready to seize new opportunities in the Korean market. Today begins a new phase for us in Korea, where Intercos, as an independent player, will be able to fully exploit significant synergies with the rest of the Group and further invest in this strategic hub for Asia”. – said Dario Ferrari, Founder and Executive Chairman of Intercos Group. “We are very happy and committed to maintain the collaboration with a prestigious player such as Shinsegae, and we believe that this move will allow both Companies to focus on their respective core business in order to capture any market potential.”

“Partnership with Intercos was a meaningful opportunity for Shinsegae to enhance its cosmetics business. Going forward, Shinsegae intends to focus on further developing its brands and investing in new brands.” – said Gilhan Lee, CEO Shinseage International Inc.