L'Oreal, Hotel Shilla and Anchor Equity Partners will own an almost equal share of the investment. Financial terms and details on the new brand were not disclosed. Hotel Shilla operates luxury hotels and a duty-free chain.
"This novel three-party partnership will bring together a unique combination of L'Oréal’s beauty expertise, supported by Shilla's luxury retail channel and underpinned by Anchor’s robust financial and business model," the French company said in a statement on June 21.
L'Oreal has expanded business ties with South Korean companies as part of its strategy to maintain its brand power in Asia. Helped by Hallyu (Korean cultural wave), South Korean makeup and skincare products are popular in China and Southeast Asian countries. L'Oreal has sought a market for color cosmetics in China where consumers have turned their attention to products offering good quality and reasonable prices.
L'Oreal acquired Stylenanda, an emerging local fashion and cosmetics brand in South Korea, in 2018 and teamed up with South Korea's top duty-free shop operator, Lotte Duty Free, in 2019 to launch a digital make-up service called "Dream Face" that allows customers to have a virtual experience and purchase products through mobile applications without having to visit stores.
Dream Face recommends colors considering the shape of their face and features and supports the live camera function that uses the real face as well as the photo simulation unction that uses saved pictures.
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