Korean cosmetics giants AmorePacific and LG Household & Health Care have agreed to drop all litigation against each other and to share patents in a deal that will see the pair cooperate on product innovation.
The deal will allow LG Household & Health to use AmorePacific’s popular cushion foundation technology, while AmorePacific will be allowed to employ LG’s tooth-bleaching patch in future product development.
“The two companies decided to acknowledge non-exclusive rights on patented cosmetics and lifestyle goods between themselves. This will bring the two companies great opportunities to focus on nurturing the global competitive edge for K-beauty,” a spokesperson for AmorePacific told The Korea Herald. “The deal envisions the change in our stance – we are willing to negotiate with cosmetic companies who offer the right price and the right condition to use our patent in cushion foundation and other products in the future.”