Puig signs joint venture with Luxasia
today Jan 17, 2017
Spanish fashion and fragrance company Puig has signed a joint venture with Luxasia, the leading distributor of renowned global fragrances and cosmetics brands in the region, it announced in a press release on Tuesday.
The joint venture will begin operations on 1 February 2017 and will target specific South East Asian markets such as Singapore and Malaysia.
Puig chairman and CEO Marc Puig said the partnership represents an important step towards achieving his goals as it will accelerate the company's international expansion in Asia.
Meanwhile Luxasia chairman Patrick Chong said Puig is a “strong and innovative” company with established brands and a long-term business view, adding that the market knowledge, influence, customer analytics and talents of both companies will ensure the sustainable growth of Puig in the region.
Luxasia has 11 offices and over 2,000 employees in Singapore, Malaysia, Indonesia, the Philippines, Thailand, Vietnam, China, Hong Kong, Taiwan and Burma. Its established presence in Asia has made the company the perfect partner for a number of beauty brands, signing joint venture agreements with Coty Group, Elizabeth Arden, LVMH and Yves Rocher.
Puig has a portfolio of own brands including Carolina Herrera, Nina Ricci, Paco Rabanne, Jean Paul Gaultier, Penhaligon's y L'Artisan Parfumeur, as well as licenses for Prada, Valentino and Comme des Garçons, and celebrity fragrances. Its products are sold in over 150 countries.
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