Coty and LG partner to form Coty Korea

French beauty products manufacturer Coty announced that it has partnered with LG Household & Health Care (LG H&H) to create ‘Coty Korea’.

The joint venture (JV) claims to mark an important move by Coty to increase its Asian presence and strategically build its cosmetics and skin care business globally.

The partnership will help LG H&H demonstrate its leadership in Korean consumer market, which is said to be built on continuous organic growth, acquisitions and new ventures.

Coty Korea will be led by a Coty executive as CEO of the new venture, the company said.

Coty Prestige president Michele Scannavini said that the nation had become a key emerging market for the beauty industry.

"On top of growing Coty’s presence in Asia, this partnership represents an important step toward our ambitious goal of expanding our cosmetic business across the globe. Our ‘Faster. Further. Freer.’ culture, combined with LG H&H’s dynamic leadership in the marketplace, will allow us to fulfill the innovative vision we’ve set forth for the company," added Scannavini.

Coty Korea, in fall 2012, is likely to introduce beauty brand philosophy into the Korean marketplace that will help the firm play a key role in expansion throughout Asia.

The firm said the new franchise will also look for opportunities to expand and increase its presence in the market.