Shinsegae International to sell Laura Mercier, Davines products

Industry

Published: 13 Dec. 2022, 14:26

Shinsegae International to sell Laura Mercier, Davines products

Laura Mercier’s products [SHINSEGAE INTERNATIONAL]

Shinsegae International acquired an exclusive domestic sales license from Laura Mercier, aiming to expand its luxury offerings as people go after high-end products even during difficult economic times.

The company will be selling the brand's products Jan. 1. It will open Laura Mercier boutiques at department stores and sell the products on S.I.Village, its online shopping mall.

Laura Mercier is a cosmetics brand found in France in 1996. It is known for translucent setting powder, priced at 57,000 won ($43.70), and eye shadow, priced at 38,000 won.

Shinsegae International acquired a sales license for Davines on Dec. 5. Sales will begin in January next year, through department stores and on S.I.Village.

Davines is a hair product brand found in Italy in 1983, with its energizing shampoo selling at 120,000 won for a 1,000 milliliter bottle.

Shinsegae International focus on luxury products could help it weather the economic storm.

“Sales of luxury products during times of economic struggle still tend to rise, and luxury products will continue to be one of the biggest source of profits for the possible economic downturn in 2023,” said Choi Ji-ho, analyst at Samsung Securities. “Shinsegae International has the most luxury brands in the fashion and cosmetics sector, and the company will benefit the most.”

Hair products sold by Davines [SHINSEGAE INTERNATIONAL]

In 2020, the company’s luxury perfume sales rose 60 percent on year despite the pandemic.

It reported sales of 1.12 trillion won between January and September this year, up 8.8 percent on year. Net profit was 76.4 billion won, up 45.5 percent on year.

Shinsegae International has licenses of 29 cosmetics companies, including Diptyque, Santa Maria Novella, Byredo and Hermes Beauty.

The company owns brands like Swiss Perfection, which it acquired from Swiss Perfection Montreaux in 2020. It also acquired the Paul Poiret brand in 2015, and is working on selling the brand’s cosmetics through department stores in France and the United States.

BY LEE TAE-HEE [lee.taehee2@joongang.co.kr]