“This programme marks the latest milestone in Avon’s transformation,” affirms a media release posted on the company site, “working with third parties and rapidly delivering on-trend products to meet local market needs.”
And, Louise Scott, Avon's chief scientific officer explains the decision to innovate with K Beauty in particular, saying, “The K-beauty collection brings innovative formulas and authentic ingredients that we do not have anywhere else in our portfolio. It’s a thrilling evolution in our mission of making top quality products available to everyone.”
Korean beauty
“Avon has a rich history in world-class innovation and when combined with something as on-trend as K-beauty and the digitisation of our business it’s exciting for our customers and Representatives,” says Scott; who also notes that, according to Euromonitor data, “Korean beauty is expected to hit $13.1 billion by 2020 – it’s the fourth largest skincare market in the world.”
Beyond the multi-step skin care routines and cultural credibility, K Beauty is distinct for its ingredients and product formats.
The Avon collection is initially comprised of hand creams and masks. The formulations of which will include ingredients such as Cica, Chaga mushrooms, and hydrogel, according to the company media release.
“Avon’s Hydrogel masks are unlike many others on the market because they are free from mesh or nets that most products on the markets need to overcome ripping issues – making Avon’s product experience more luxurious and indulgent,” emphasizes the release.
Open market
Avon is first launching the K Beauty line in Russia. And there are plans to bring the collection to Europe in early 2019.
The collection is part of Avon’s initiative to open up the company, in part by “[embracing] an open eco-system through new alliances to optimise manufacturing and distribution,” according to the media release.
Gustavo Arnal, who will join the company in spring of 2019 as CFO told the press late last week that said, “I was attracted to Avon by the recently announced transformation plans that demonstrate a clear vision and strategy to deliver results in growing beauty categories, emerging markets and the direct selling industry. I look forward to working with Jan and the entire Avon management team to help drive this transformation and deliver enhanced results for shareholders.”
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Deanna Utroske, CosmeticsDesign.com Editor, covers beauty business news in the Americas region and publishes the weekly Indie Beauty Profile column, showcasing the inspiring work of entrepreneurs and innovative brands.