admin The Korean firm South Amorepacific Group announced on Tuesday about partnering with US vegan cosmetics company Milk Makeup in the areas of marketing and business operations.
Established in New York in 2015, Milk Makeup as a cruelty-free and 100 percent vegan cosmetics firm, is popular for its “clean beauty” concept. Its products are sold in major markets via personal care and beauty chain Sephora and online retailer Cult Beauty.
Market sources estimated that Milk Makeup will record $60 million in net sales for 2019.
AmorePacific has acquired a minority stake in Milk Makeup, in what is said to be part of the planned expansion into South Korea for the U.S. beauty brand. Amorepacific said it aims to work closely with Milk Makeup — which is popular among millennial and Generation Z consumers — and learn from the latter’s strategies as a fast-growing indie brand.
The US brand is expected to benefit from Amorepacific’s regional expertise for global expansion, the company said in a statement.
“We are going to actively support Milk Makeup’s advancement into new markets, including Korea, promoting Milk Makeup’s innovative formula and clean components,” said Amorepacific Group President Bae Dong-hyun.
Mazdack Rassi, one of Milk’s four Founders stated about AmorePacific, “They are really brand builders. They care about brands, they build their own and it’s really a brand-first company, and they’re incredible storytellers. We sort of knew this could be a really incredible opportunity if we were able to befriend them and perhaps become their partner.”
AmorePacific is set to aid Milk in its entry into new regions, with Bae Dong-hyun, President of Amorepacific Group, stating, “Milk Makeup is sought after by beauty enthusiasts for its innovative formulas and clean ingredients. Through this partnership, Amorepacific will provide full support for its entrance into the Korean market and others in the future.”
Scott Sassa, Chairman of Milk Makeup, continued, “We were impressed by Amorepacific’s track record of internally starting and growing beauty brands. This shared belief in building brands designed to last for decades was central to establishing this relationship.”
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