PARIS — The craze for South Korean beauty keeps heating up. AmorePacific Corp. said Wednesday it has signed a memorandum of understanding with Parfums Christian Dior on cushion compact technology.
“Upon the MOU, AmorePacific offers its innovative ‘cushion’ technology to Parfums Christian Dior. The two global cosmetics companies — both leading players in Asia and Europe, respectively — expect that this newfound strategic partnership will bring a plethora of innovative beauty experiences to the broader customer base around the world, and help both companies to further strengthen their growth trajectory in the global cosmetics market,” stated AmorePacific.
The South Korean company’s proprietary cushion compact, first launched in 2008 and now available across its spectrum of 13 brands, in 2014 posted growth of 1,000 percent on-year, with more than 26 million units sold globally.
The makeup compact — which established a new beauty category globally — comes with a sponge designed to contain and preserve a liquid formula made of foundation, sun protection and numerous skin-care ingredients.
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While terms of the agreement are still being hammered out, it’s clear that the deal will allow AmorePacific — which does not yet have operations in Europe — to penetrate the market. And for Dior, the agreement offers a cutting-edge technology not yet used for its products.
The MOU is a first for AmorePacific, but the contract will not be exclusive to Dior, according to a spokeswoman at the Seoul-based company.
South Korean beauty brands have been making waves worldwide. The country’s perception as a technological innovator — having launched the BB Cream craze, for instance — and its celebrity influence are helping the business boom, especially in the midrange beauty market.