Shinsegae International to acquire skincare brand Swiss Perfection

Shinsegae International, the fashion unit of South Korean conglomerate Shinsegae Group, has reportedly signed an agreement to acquire a 100% stake in the skincare brand Swiss Perfection.

Financial details of the deal have not been divulged by both companies.

Established in 1998, Swiss Perfection brand has been supplying skincare products to spa facilities as well as high-end hotels and personal clinics in Europe, Asia, and the Middle East.

Shinsegae International cosmetic division head Lee Gil-han said: “The takeover will lay the foundation for Shinsegae International to grow as a global beauty powerhouse.

“We will continue to increase investments in brands by aggressively looking for acquisitions of domestic and overseas labels with high growth potential.”

As part of the deal, Shinsegae International acquired Swiss Perfection’s technologies such as Cellular Active IRISA, which is said to contain intact active cells to promote skin regeneration.

It is said to fast-track the regeneration of skin cells as well as enhance the tissue-oxygenation and offers optimal hydration stimulating the cell metabolism while improving skin’s natural renewal process.

Upon completion of the deal, Shinsegae International intends to start a business in South Korea as well as overseas markets by next year.

This acquisition is expected to bolster Shinsegae International’s presence in the high-end skincare market as well as gain international recognition.

Initially, the company will be selling the products to local department stores as well as duty-free shops. Over the next three years, the company aims to expand its retail presence in the Chinese market.

The deal is also expected to help Shinsegae International in bolstering the business of its cosmetic brands including VIDIVICI and Yunjak.