Cosmetics manufacturer Intercos has acquired the remaining 50% of the joint venture Shinsegae Intercos Korea Inc from Shinsegae International Inc. Intercos will hold 100% of Intercos Korea.
The company says the acquisition is part of its strategy to further invest in Korea and position Intercos Korea as a strategic hub for Asia.
Intercos Korea will become the company’s main R&D center for Asia and a center for strategic categories like foundations, hybrids and skincare.
The joint venture Shinsegae Intercos Korea was founded in 2015. The move allowed the cosmetics manufacturer to enter the Korean market and establish and grow local cosmetics manufacturing activities (ODM).
Intercos and Shinsegae will continue to work together to develop and launch products under the Shinsegae brands.