[Courtesy of AmorePacific Group]
SEOUL -- South Korea's top cosmetics maker, AmorePacific, has forged a strategic partnership with Milk Makeup, a New York City-based cosmetics and skincare company, to cooperate in marketing and sales as the two companies are expanding their global presence.
Amorepacific said Tuesday that it would strengthen sales to the Millennials and Generation Z through cooperation with the American company while supporting the global expansion of Milk Makeup, which produces paraben-free, vegan, and cruelty-free products. Generation Z is the demographic cohort succeeding Millennials. Demographers use the mid- to late-1990s as starting birth years.
Describing Milk Makeup as a brand loved by Millennial beauty mania for innovative formulas and clean ingredients, AmorePacific CEO Bae Dong-hyun vowed to actively support Milk Makeup's entry into the South Korean market and global growth.
To consolidate the partnership, AmorePacific purchased a stake in Milk Makeup in November through Ohana & Co., an investment bank providing financial advisory services. Terms of the deal were not disclosed.
Helped by Hallyu (Korean cultural wave) in Asia, AmorePacific has seen steady growth. In March 2018, the company launched its key brand Mamonde, a flower-inspired cosmetics line, in the United States through a deal with Ulta Beauty, an operator of American cosmetics stores. Milk Makeup has become best known for its Kush family of products.
