Kolmar Korea inks deal to purchase stake in local beauty platform operator – The Korea Herald

Kolmar Korea’s corporate logo (Kolmar Korea)

Kolmar Korea, a cosmetics and health care company based in Seoul, has made a strategic investment in a beauty platform operator in a bid to target Millennial and Generation Z consumers in the local beauty market.

According to its announcement on Wednesday, the company purchased an 11 percent stake in Pawcompany.

Established in 2003, Pawcompany operates online beauty community Powder Room. The platform currently has 3.7 million members and has held marketing projects with 5,400 beauty firms to date.

Pawcompany has recently launched its own cosmetics brand.

Kolmar Korea is expected to utilize Pawcompany’s marketing capabilities to increase its market share here. “Kolmar Korea will develop beauty products that can target Millennial and Generation Z consumers here and timely promote them in collaboration with partner firms,” a Kolmar Korea’s official said.

Kolmar Korea added it will help Pawcompany in research and manufacturing fields, as well as in finding foreign partners.

By Shim Woo-hyun ([email protected])

Source: http://m.koreaherald.com/amp/view.php?ud=20211027000769

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