The fashion unit of South Korea’s retail conglomerate Shinsegae Group, Shinsegae International Inc., has signed an agreement to buy a 100 per cent stake in Swiss skincare brand Perfection.
Launched 22 years ago, Perfection has since been supplying products to spa facilities at high-end hotels and yachts as well as personal clinics in Europe, Asia and the Middle East.
As part of the deal, Shinsegae International has gained the original technologies of Perfection which include Cellular Active IRISA that contains intact active cells to promote skin regeneration.
The company plans to begin the business both in Korea and overseas nations around early next year after the takeover deal is completed. It will first sell the products at local department stores and duty-free shops to expand its retail sales and then expand its market to China within three years.
“The takeover will lay the foundation for Shinsegae International to grow as a global beauty powerhouse,” said Lee Gil-han, the head of the company’s cosmetics division. “We will continue to increase investments in brands by aggressively looking for acquisitions of domestic and overseas labels with high growth potential.”
