SEOUL, March 9 (Korea Bizwire) – It’s Skin Co., South Korea’s fourth-largest cosmetic maker, said Wednesday it will enter the Indian market through a partnership with local retail giant Dabur India.
It’s Skin signed a memorandum of understanding with Dabur to sell 120 kinds of cosmetics in its New U beauty retail chain, stepping up its overseas bid beyond China, Japan and Southeast Asian nations.’
Starting with 10 shops in New Delhi, the company plans to open 20 in the capital and the surrounding area within this year.
It’s Skin is best known for its snail cream, “Prestige Cream d’escargot,” which has seen huge success since it went on the market in 2009.
The company posted 309.6 billion won (US$255 million) in sales last year, up 28 percent from a year ago. Its shares were listed on the Seoul bourse in December
Founded in 1884, Dabur India Ltd. is India’s fourth-largest retailer that logged 78.1 billion rupees (US$1.2 billion) in sales in 2015. Its beauty chain New U operates 70 stores in 28 cities in India.