In its first joint venture ever in launching a new beauty brand, L'Oréal Groupe has partnered with Hotel Shilla to tap on the hotel's database of Asian customers.
The newly created luxury beauty brand called SHIHYO is a third-party joint venture between Hotel Shilla, L'Oréal Groupe and Anchor Equity Partners. The collaboration leverages L'Oréal's longstanding expertise on beauty products, Hotel Shilla's luxury retail channels, and Anchor's financial business model.
SHIHYO's first flagship store, the "Seoul Garden," will open in the coming months at The Shilla Seoul Hotel in Korea, aiming to engage consumers and offer an immersive experience with a range of luxury beauty products.
In-Gyu Han, COO of Hotel Shilla, said, "SHIHYO is a luxury beauty brand that brings out the best of naturality and efficacy with seasonal ingredients directly sourced from local farmers in Korea. With our rich retail expertise married with L'Oréal's strong brand building capabilities, we believe SHIHYO will elevate the desire for natural, luxury beauty in Asia."