MILAN — Italian cosmetics and powder supplier Intercos has formed an equal joint venture with fashion and beauty retailer Shinsegae International, which is listed on the Korean stock exchange. Each company has a 50 percent stake in the venture.

“Shinsegae Intercos Korea” will be based at Pangyo near Seoul and was formed to accelerate the companies business in Korea, headed by Intercos Korea’s current representative director Wang Bae Kim. A new production facility, located in Osan City, is part of the agreement, and will host production and research and development of cosmetic products for the local market.

“This alliance represents each organization’s strong commitment to provide Korean and Asian customers with world-class beauty products in color and skin care,” said Hong-Sung Choi, chief executive officer of Shinsegae International.

“We have been approached by many companies and we chose Shinsegae for their market presence as retailers and above all because they are part of the Samsung family, which in Korea is a very important reference,” said Intercos’ chief executive officer Dario Ferrari to WWD, adding that the agreement between the companies was finalized in the last days.

“The country indeed represents to us a very key market and this agreement will allow us to strengthen our presence there, as well as to enter new adjacent markets in APAC area,” he added.

For the future, Ferrari has ambitious plans to grow quickly in Asia with Intercos’ Hong Kong-based holding company and has already chosen an adviser for a possible initial public offering in Korea in the next 18 to 24 months.

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