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Amorepacific to sell 60 pct stake in packaging affiliate to France's Autajon Group

Corporate Newsroom 14:41 September 20, 2022

SEOUL, Sept. 20 (Yonhap) -- South Korean cosmetics giant Amorepacific Corp. said Tuesday it has agreed to sell a 60 percent stake in its packaging making affiliate to France's Autajon Group, as part of its plan to strengthen ties with the French package maker.

Amorepacific did not disclose the value of the deal and said it will keep a 40 percent stake in Pacific Package.

Pacific Package, a wholly owned subsidiary of Amorepacific, makes packaging and labels for Amorepacific's cosmetic products.

"The deal will elevate our partnership with Autajon Group and provide new growth momentum for our affiliate, as we expect to find additional clients through our French partner," the Korean cosmetics maker said.

Autajon Group supplies product packages and labels for cosmetics and perfume brands, such as Chanel, Christian Dior and Chloe.

The two companies have been maintaining a strategic partnership since 2015 under a memorandum of understanding to exchange technology and expertise in the field.

This image provided by Amorepacific Corp shows the logo of Autajon Group. (PHOTO NOT FOR SALE) (Yonhap)

fairydust@yna.co.kr
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