Shinsegae International, acquires Swiss luxury cosmetics brand
SEOUL, AJU - Shinsegae International, the fashion unit of South Korea's retail group Shinsegae, has secured a bridgehead to become a leading player in the global skincare market by acquiring Swiss Perfection, a luxury brand known for cellular extraction technology.
Shinsegae International said it has signed a deal to acquire a 100 percent stake in Swiss Perfection. The deal underlines Shinsegae International's efforts to secure competitiveness in the high-end skincare market and gain global recognition. The company has earned the distribution rights of luxury brands such as Garancia of France and Santa Maria Novella since it acquired VIDIVICI, a premium cosmetics brand, in 2012.
Swiss Perfection is the first brand to apply vegetal cellular extraction technology to cosmetics. Cellular Active IRISA is obtained by a unique extraction process of the Iris Germanica root that accelerates the regeneration of skin cells, increases the tissue-oxygenation, provides optimal hydration stimulating the cell metabolism and enhancing the skin's natural renewal process.
"The acquisition of Swiss Perfect will serve as the foundation for Shinsegae International to become a global beauty brand," said Shinsegae International's cosmetic division head Lee Gil-han. "We will strengthen investment in brands by actively considering acquiring domestic and foreign brands with high growth potential in the future."
The acquisition will help Shinsegae International secure source technology and speed up overseas expansion by using Swiss Perfection's global network. The company will open Swiss Perfection shops at department stores and duty-free shops in South Korea before expanding its business in China's fast-growing luxury cosmetics market.