Avon partners with Korean manufacturer to bring innovative formulas and authentic ingredients to customers
LONDON, Dec. 12, 2018 /PRNewswire/ -- Avon Products, Inc. (NYSE: AVP) a globally recognised leader in direct selling of beauty products, today announces another step in its transformation with the introduction of its first K-beauty collection – a new and innovative range of products straight from Korea – the home of skincare innovation. The collection is being introduced in Russia before rolling out to other European markets in early 2019.
As part of Avon's plans to embrace an open eco-system through new alliances to optimise manufacturing and distribution, the collection is developed in partnership with Korean innovation experts, Bonne, a leading developer and manufacturer of luxury beauty. This new product range is made in Korea using authentic formulas and ingredients, harnessing the high performance, wonderful texture and eye-catching designs that are iconic in K-beauty products.
The collection of masks and hand creams use top quality, cutting edge ingredients including Cica, Chaga mushrooms and Hydrogel. Avon's Hydrogel masks are unlike many others on the market because they are free from mesh or nets that most products on the market need to overcome ripping issues – making Avon's product experience more luxurious and indulgent.
"Korean beauty is expected to hit $13.1 billion by 2020* – it's the fourth largest skincare market in the world," commented Louise Scott, Avon's Chief Scientific Officer. "Avon has a rich history in world-class innovation and when combined with something as on-trend as K-beauty and the digitisation of our business it's exciting for our customers and Representatives. The K-beauty collection brings innovative formulas and authentic ingredients that we do not have anywhere else in our portfolio. It's a thrilling evolution in our mission of making top quality products available to everyone."
Avon is a global brand whose mission is to democratize beauty – giving women all over the world access to latest products. For over a century Avon has been bringing high quality, innovative and on-trend beauty at an accessible price point. Avon's business model is fundamental to democratising beauty – Avon Representatives provide a personalised service whilst taking cutting-edge beauty to customers everywhere.
This programme marks the latest milestone in Avon's transformation - working with third parties and rapidly delivering on-trend products to meet local market needs.
*Based on Euromonitor data
About Avon Products, Inc.
Avon is the Company that for 130 years has proudly stood for beauty, innovation, optimism and, above all, for women. Avon products include well-recognized and beloved brands such as ANEW, Avon Color, Avon Care, Skin-So-Soft, and Advance Techniques sold through approximately 6 million active independent Avon Sales Representatives. Learn more about Avon and its products at www.avoncompany.com.
Forward-Looking Statements
This material contains "forward-looking statements" that are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995, including statements relating to product launches and Avon's transformation. Because forward-looking statements inherently involve risks and uncertainties, actual future results may differ materially from those expressed or implied by such forward-looking statements. These risks and uncertainties include, but are not limited to, the possibility of business disruption, competitive uncertainties, and general economic and business conditions in Avon's markets as well as the other risks detailed in Avon's filings with the Securities and Exchange Commission. Avon undertakes no obligation to update any statements in this material after it is posted to the Investor Relations section of our website.
