NEW YORK, Feb. 10, 2014 /PRNewswire/ -- Avon Products, Inc.
(NYSE: AVP) today announced that 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 skincare brand
established for its highly efficacious natural formulations.
This 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 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, Chief Executive Officer, 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.
Born out of Greece's oldest
herbal pharmacy, the brainchild of a pharmacist and a chemical
engineer, KORRES is a natural skincare brand with over 400 products
sold in 30 countries worldwide. Its philosophy remains the same as
in its pharmacy days, rooted in the use of natural and/or certified
organic ingredients of the highest quality; skin- and
environmentally-friendly products with clinically tested efficacy;
products that are affordable for everyday use yet of interesting
aesthetics that can 'inspire & make us happy.'
About Avon
Avon, the company for women, is a
leading global beauty company, with nearly $11 billion in annual revenue. As one of the
world's largest direct sellers, Avon is sold through more than 6 million
active independent Avon Sales Representatives. Avon products are available in over 100
countries, and the product line includes color cosmetics, skincare,
fragrance, fashion and home products, featuring such
well-recognized brand names as Avon Color, ANEW, Skin-So-Soft,
Advance Techniques, and mark. Learn more about Avon and its products at
www.avoncompany.com.
About KORRES
KORRES is a Greek skincare brand established in 1996 out of the
oldest homeopathy pharmacy in Athens. The first KORRES product was an
aromatic herbal syrup with honey and aniseed, a recipe inspired by
rakomelon, a warming spirit-with-honey concoction, which George's
grandfather used to favor in his hometown on the island of Naxos.
Learn more at www.korres.com.
SOURCE Avon Products, Inc.