Shinsegae acquires luxury cosmetics brand Swiss Perfection

The Korean fashion, beauty and living sector business Shinsegae International has acquired a 100% stake in Swiss Perfection Montreux, a high-end cosmetics brand based in Switzerland.

The deal was prompted by Shinsegae president Chung Yoo-kyung, who has identified the Swiss company as a channel for future growth.

The value of the deal has yet to be disclosed, but it is estimated to be worth billions of won. Shinsegae International also plans to use Swiss Perfection’s global network to speed up the overseas expansion of its own beauty brands such as Yunjac and Vidi Vici.

The company initially plans to open outlets in major department stores and duty-free stores in South Korea and then expand into the fast-growing Chinese cosmetics market.

Founded in 1998, Swiss Perfection sells a line of premium skincare products based on plant cell extraction technology. It makes 100% of its products in Switzerland.

Shinsegae launched its cosmetics business in 2012 and the same year posted revenues of 1.9 billion won (1.4 million euros), which surged to 368 billion won in 2019 (268 million euros).

Image credits: Swiss Perfection