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Avon Products Inc. announced it has entered into an agreement through which Korres has granted Avon exclusive rights to develop, manufacture and market Korres products in Latin America. Created by Greek pharmacist George Korres, Korres is a Greek skin care brand known for its efficacious natural formulations. This long-term strategic alliance includes all major markets where Avon operates in Latin America, and it provides Avon the option to purchase all of the intellectual property rights to the Korres products in that region.
"Latin America is a growing beauty market and a major component of the Avon portfolio. 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," said Sheri McCoy, CEO of Avon Products, Inc.
"Latin America has always been of interest to us. 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," said Korres’ founder George Korres.
"We are delighted to be partnering with Korres. It is the perfect fit to Avon's business in Latin America. Korres is a beauty brand that is passionate about the power of natural extracts and ingredients," said Fernando Acosta, senior vice president and president, Latin America, Avon Products, Inc. "This alliance brings some fabulous, highly efficacious products that our consumers will love. We look forward to a successful relationship with Korres."
Latin America is Avon's largest business unit, accounting for nearly half of the company's revenues.