Korres, created by Greek pharmacist George Korres, has granted Avon exclusive rights to develop, manufacture and market its products in Latin America.
It is a move that Avon hopes will help its rebuild, and company CEO Sheri McCoy is confident that it is the correct target for the firm.
LatAm target
"Latin America is a growing beauty market and a major component of the Avon portfolio,” she says.
“I'm very pleased that through this strategic alliance, we can leverage Avon's extensive network and capabilities to bring the Korres brand and products to more women across Latin America.”
The long-term strategic alliance includes all major markets where Avon operates in Latin America, and provides the U.S. company the option to purchase all of the intellectual property rights to the Korres products in that region.
For Avon’s senior vice president and president, Latin America, Fernando Acosta, the Greek pharmacist’s brand is the perfect fit to Avon's business in Latin America thanks to the range of skin care products the company boasts, and this will help as the Latin America region is Avon's largest business unit, accounting for nearly half of the company's revenues.
Aligned interests
The region has also been an area of interest for Korres too, according to its founder.
"We feel there is a unique opportunity to reach consumers who share our values and philosophy; Avon is a strategic partner that can help us start this wonderful journey," adds George Korres.
Korres’ natural skin care brand has developed over 400 products and is sold in 30 countries worldwide.