Greece’s leading cosmetic brand Korres set to sell majority stake

Greece’s leading cosmetic brand Korres set to sell majority stake 1

Korres

Greece’s leading cosmetics company Korres has announced a strategic agreement with Profex, a distribution company of cosmetic products in China, and Morgan Stanley North Haven Private Equity Asia IV.

According to pharmacist George Korrres, who is the founder and CEO of Korres SA Natural Products since 1996, under the new deal the Korres family will keep 30 percent of the company with the two new investors holding 70 percent.

Greece’s leading cosmetic brand Korres set to sell majority stake 2

No further details on the financial aspects of the agreement were announced.

“2018 will be a landmark year for the group as we move forward with an excellent alliance that will offer us the possibility of further growth. The aim of the agreement is to expand in international markets and to establish the brand globally,” says Korres.

“The values and philosophy of Korres remain the same. We continue focusing on Greek herbs, on a network of partnership with growers, on product innovation, on scientific research,” he added.

The leading brand has become very popular worldwide, with stores found in London, New York, Prague and its products are stocked in leading department stores globally.

Korres SA is the second Greek natural cosmetics firm announcing a major partnership with foreign investors aimed at further expansion abroad.

Mid year Apivita, founded by another family of pharmacists in Athens in 1979, announced the acquisition of 66 percent of its shares by Spain’s Puig, a global giant in fashion and cosmetics.

Source: AMNA

GCT Team

This article was researched and written by a GCT team member.