L'Oréal launches North Asia cosmetics brand via joint venture
L’Oréal has launched Shihyo, a cosmetics brand specifically designed for North Asian consumers. The new luxury cosmetics brand has been developed through a joint venture with Hotel Shilla, a Korean high-end hotel chain, the parent company of The Shilla Duty Free store chain, and with Anchor Equity Partners, a private equity firm specialised in investing on Asian markets that owns shares in online grocery retailer Market Kurly and local cryptocurrency platform Dunamu. This is the first time that L’Oréal has developed a new brand through a joint venture.
The products commercialised by Shihyo, which means “the wisdom of time” in Korean, are made from 24 ingredients sourced from local farmers, inspired by the 24 solar subdivisions of the traditional far-eastern calendar. All the formulations also include an ingredient called ShiHyo24, described as a patented, nutrient-rich concentrate infused in fermented rice water and ginseng water. The line consists of facial cleansers and creams, as well as shampoos and conditioners.
The first Shihyo store, called the Seoul Garden, will open in the coming months inside the Shilla Seoul hotel, in South Korea’s capital Seoul, before expanding into other countries in the region.
In Q3 of fiscal 2022, sales for the L’Oréal group in the North Asia region grew by 11.3% to reach €2.41 billion.
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