Avon Products, Inc. has entered into an agreement with Greek skin care brand Korres by which Korres has granted Avon exclusive rights to develop, manufacture and market its products in Latin America. The long-term strategic alliance includes all major markets where Avon operates in Latin America and provides Avon the option to purchase all of the intellectual property rights to 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, Chief Executive Officer, Avon Products, Inc., in a statement.
Latin America is Avon’s largest business unit, accounting for nearly half of the company’s revenues.
Founded by pharmacist and chemical engineer, George Korres, the natural skin care brand has more than 400 products sold in 30 countries worldwide. Greece is Korres’ largest market, followed by North America. In 2009, Korres entered into a licensing agreement with Johnson & Johnson whereby J&J makes and markets Korres products sold in the region.