Intercos announced the acquisition of the remaining shares of the Korean company

Italian beauty giant Intercos recently announced that it has acquired all the shares of Intercos Korea, a South Korean subsidiary. The specific financial details have not been disclosed.

Intercos Korea is a joint venture company founded in 2015 by Intercos and the local retailer Shinsegae International (New World International), each of which previously held 50% equity. After the completion of the acquisition, Intercos Korea will become the group's main R&D center in Asia.

Intercos also stated that it will continue to maintain long-term cooperation with Shinsegae International in the future, while developing their respective core businesses, they will continue to develop and promote new products for the latter's brands.

Intercos Group President Dario Ferrari said: "From today, we have entered a new phase in the Korean market. After acquiring all the shares of Intercos Korea, this company will be able to give full play to the synergy with other departments of the group locally and help us further Develop South Korea as a core market".

Gilhan Lee, CEO of Shinseage International, said: "The partnership with Intercos is a key to strengthening our cosmetics business. In the future, Shinsegae will focus on further developing its own brands and investing in new brands."

Intercos has 11 research centers, 15 production bases and 15 offices on three continents, with a total of approximately 5,800 employees. The group was founded by Dario Ferrari in 1972 and produces cosmetics, skin care products and hair and body care products for major beauty brands in the world.