Amorepacific Milk Makeup’s Newest Minority Investor
Amorepacific is taking a minority stake in Milk Makeup as part of the cult brand’s planned expansion into South Korea. Terms of the deal were not disclosed, but Seoul-based Amorepacific joins Main Post Partners and Alliance Consumer Growth as a minority investor in the business. Main Post invested in 2017, and ACG invested earlier in 2019. Milk is said to be growing quickly, and industry sources estimated the brand will do $60 million in net sales for 2019. Part of that growth is due to Milk Makeup’s strategic expansion. In year one, the line created buzz; in year two, it learned more about the beauty world, and in year three, the company has focused on expanding distribution, said Mazdack Rassi, one of Milk’s four founders. In February, Milk launched in the U.K., and in September, branched into Europe with Germany, Spain and Scandinavia, he said. “As we are growing and thinking about expansion, we’ve always been super interested in having an Asian presence,” Rassi told WWD, on the phone from Korea. “I’ve been very, very connected with Korea, especially with Seoul, so I always knew that when we were ready to start thinking about Asia, that Korea would most likely be our stepping stone,
Follow WWD on Twitter or become a fan on Facebook.
from WWDWWD https://ift.tt/2rJfS21
0 comments:
Post a Comment