Local beauty products distribution company Luxasia has inked a joint venture agreement with fashion and fragrances firm Puig that will cover certain South-east Asian markets, including Singapore and Malaysia.
The venture, which is set to start from Feb 1, will include countries such as Singapore and Malaysia.
Luxasia presently carries distribution rights to over 120 international fragrance, cosmetics, skincare and professional salon brands including Burberry, Ferragamo, Hermès, Issey Miyake, Montblanc and Prada.
Marc Puig, chairman and chief executive of Spain-based Puig, said: "The joint venture between Puig and Luxasia is an important step towards accelerating the development of our brands in Asia. We are delighted to bring our relationship to the next level and look forward to a successful partnership."
In 2015, Puig posted revenues of around 1.65 billion euros (S$2.5 billion) in 2015, while net income came in at 126 million euros.
Its brands, which include Carolina Herrera, Nina Ricci, Paco Rabanne and Jean Paul Gaultier, are sold in over 150 countries.
For 2015, about 86 per cent of its revenues came from outside Spain.
"Puig is a strong and innovative company with established brands and a long-term business view," said Patrick Chong, founder and chairman of Luxasia.
"We are very excited by the opportunities this strategic partnership presents. We are confident we can harness our deep market knowledge, influence, customer analytics and talents to sustainably grow the presence of the Puig brands in this part of the world."
The Singapore-based company has already set up other joint ventures previously with global beauty companies such as Elizabeth Arden, LVMH Group and Yves Rocher.
Luxasia has 11 offices in the region and employs over 2,000 employees in markets such as Singapore, Indonesia, Thailand, Vietnam, India and China.
Here in Singapore, Luxasia also operates stores, including two multi-brand Escentials shops in the Orchard area.
Former Singapore Post Ltd chief Wolfgang Baier assumed the role of group chief executive at privately-held Luxasia last year as it moves to strengthen its e-commerce business.
This article was first published on January 18, 2017.
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