Greek cosmetics firm Korres to sell majority stake

ATHENS, Dec. 27 (Xinhua) -- Greek cosmetics company Korres SA announced on Wednesday a strategic agreement with Profex Inc, a distribution company of cosmetic products in China, and Morgan Stanley North Haven Private Equity Asia IV, Greek national news agency AMNA reported.

According to pharmacist George Korrres, founder and CEO of Korres SA Natural Products since 1996, under the deal Korres family will keep 30 percent of the company with the two new investors holding 70 percent.

No further details on the financial aspects of the agreement were announced.

"2018 will be a landmark year for the group as we move forward with an excellent alliance that will offer us the possibility of further growth. The aim of the agreement is to expand in international markets and to establish the brand globally," he said, according to AMNA.

"The values and philosophy of Korres remain the same. We continue focusing on Greek herbs, on a network of partnership with growers, on product innovation, on scientific research," he added.

Korres SA is the second Greek natural cosmetics firm announcing a major partnership with foreign investors aimed at further expansion abroad.

In spring, Apivita, founded by another family of pharmacists in 1979 in Athens, announced the acquisition of 66 percent of its shares by Spain's Puig, a global giant in fashion and cosmetics. Enditem