Korean multi-functional cosmetics manufacturer Cosmecca and LF Beauty, a Hong Kong based packaging subsidiary of the Li & Fung Group have announced that they are collaborating on the development of a new line of “innovative skincare products for Asia.”

The agreement has been effective since March 18, yet the companies are due to announce further details at MakeUp In Seoul, from April  15-16.

Gerard Raymond, President of LF Beauty, commented,  “South Korean companies set the standard for innovative skincare products in Asia. We want to give our international customers access to world-class South Korean formulations and manufacturing. Cosmecca is one of the top beauty producers in South Korea so it is only natural for us to partner with them.”

The partnership will enable LF Beauty and Cosmecca to combine R&D and manufacturing capabilities in South Korea, China, Thailand and Indonesia.

“Our vision is to be a global market leader in the development and manufacturing of innovative cosmetic products that get consumers excited,” said Im-Rae Cho, president of Cosmecca. “Together with LF Beauty, we have a tremendous opportunity to bring K-Beauty innovation to brands and retailers around the world.”