Cosmetics manufacturer Intercos president and executive chairman Dario Ferrari and his family holdings Dafe are set to sell minority stakes in the sub-holdings that control Intercos to Singaporean sovereign wealth fund GIC affiliate.
Ferrari said the partnership with GIC will strengthen Intercos’ plan to develop in Asia.
He added: “The recent acquisition of 100% of Intercos Korea’s capital confirms our willingness to grow in the Asian market, to which we are sure that GIC will give an important contribution. I am confident that we will develop with GIC the same partnership that we have had and continue to enjoy with L-Catterton and OTPP.”
In July, Intercos acquired the remaining 50% of the joint venture Shinsegae Intercos Korea Inc from Shinsegae International Inc. Intercos now holds 100% of Intercos Korea.