Korres partners with Avon for Latin America entry
Avon Products Inc has entered into a strategic agreement with Greek beauty brand Korres for the development, manufacturing and marketing of Korres goods in Latin America.
The agreement will allow Avon the option to purchase all intellectual property rights to Korres products in the region.
"Latin America is a growing beauty market and a major component of the Avon portfolio. I'm very pleased that through this strategic alliance, we can leverage Avon's extensive network and capabilities to bring the Korres brand and products to more women across Latin America," said Sheri McCoy, chief executive officer at Avon.
"Latin America has always been of interest to us. We feel there is a unique opportunity to reach consumers who share our values and philosophy; Avon is a strategic partner that can help us start this wonderful journey," said Korres founder, George Korres.
Latin America is Avon's largest business unit, accounting for nearly half of the company's revenues, which in total reached nearly $11 billion in the past year.
Korres is a natural skincare brand created by pharmacist George Korres. Korres products are currently sold in 30 countries worldwide.
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