DAVI Luxury Brand Group, Inc. ("DAVI" or the "Company") (OTC BB: MDAV) a prestige beauty products company, announced the recent launch of its new DAVI skincare product line in South Korea under the 10-year exclusive licensing agreement that the Company entered into with LG Household and Health Care, Ltd. (KRX: 051900) ("LGHH") in 2012. The new product line was developed, and is being marketed and distributed as luxury skincare products under the Company's DAVI®, DAVI NAPA® and DAVI SKIN® brand names.
DAVI, in collaboration with LGHH's research and development team, created the skincare line utilizing LGHH's advanced technology along with DAVI's exclusive Meritage™ Blend and the patented Phytosphere technology - "Phyto-Meritage™" that DAVI uses for its products. The license agreement with LGHH grants LGHH the right to commercialize DAVI® branded women's and men's skincare and cosmetics in the Asia, including the development of retail outlets and other commercial ventures in the Asian-Pacific region. This region currently represents nearly 60 percent of the global market for premium skincare products.
LGHH commenced sales of DAVI products in the third quarter of 2013 with the opening of four new DAVI® retail stores in Seoul, South Korea that are dedicated to the sale of DAVI® branded skincare and cosmetic products. These DAVI® retail stores are currently operating in two of Seoul's most prestigious Luxury Department store chains, the Lotte and Galleria department stores. Additional new DAVI stores in high-level luxury department stores are scheduled to open in South Korea in 2014.
LGHH plans to launch additional DAVI® branded stores through high-level department stores in other Asian-Pacific territories such as Japan, China, Hong Kong and Singapore in 2014. The DAVI® stores currently feature over 30 SKUs of skincare products, including the Company's flagship Le Grand Cru Collection, moisturizers, cleansers, toners, essences, serums and specialty products.
The Company also plans to launch DAVI in the North American retail market in 2014 through the sale of DAVI® products in U.S. luxury department stores as well as through the Company's own flagship free standing retail store that is currently being completed in Beverly Hills, California.
"We are thrilled to have a strategic partner such as LGHH, given its stature as a leader in cosmetic products in Korea and the rest of Asia," stated Parrish Medley, President and Chief Executive Officer of DAVI Luxury Brand Group, Inc. "LGHH has helped us cultivate our brand within the Asia Pacific region and has been instrumental in launching the DAVI® brand in Seoul, South Korea, one of the most educated, sophisticated and growing luxury markets in the world. As one of the largest beauty and cosmetics companies in Asia and worldwide, LGHH has successfully expanded its portfolio of brands through its unparalleled commitment to quality and excellence in nurturing and developing brands while introducing innovative products that appeal to a sophisticated consumer base."
Mr. Medley continued, "The LGHH partnership with DAVI in Asia perfectly complements the success we currently enjoy in our existing partnership with the leading luxury global airlines, KOREAN AIR, where DAVI exclusively provides KOREAN AIR's first class and business class passengers with DAVI® branded products in attractive DAVI® travel amenity kits. We believe that this partnership with LGHH will help ignite significant growth in Asia. LGHH plays a pivotal role in our company's long-term business objective as DAVI® branded products become widely accepted in this region and abroad."
Skincare is particularly important in the Asian markets which have deeply-entrenched skincare treatment rituals. The global cosmetic industry exceeded $200 Billion in 2012 up 2.8% year-on-year as reported by WWD BEAUTY INC.
About DAVI Luxury Brand Group
DAVI Luxury Brand Group, Inc. a California based prestige beauty products company that develops, licenses and markets its luxury skincare products using the antioxidants found in grape growing and winemaking process. The Company markets skincare products under the "DAVI®", "DAVI NAPA®" and "DAVI SKIN®" registered brand names. The products are currently manufactured and distributed in the U.S. as well as through its licensed partners in the Asian Pacific region. For more information, please visit www.daviskin.com.
About LG Household & Health Care
LG Household & Healthcare Ltd. is a Korean-based company engaged in the manufacture of household goods, cosmetics and beverages. Founded in 1947, LG was Korea's first cosmetic company. LGHH, part of the LG group of companies, has evolved into the leader in the cosmetic, beauty and health care in South Korea. Its household goods include oral care products, skin care products, hair care products, laundry products, home care products and paper products under the brand names of Perioe, SAY, Elastine, TECH, Saffron and others. Its cosmetics include skin, lotion, essence, lipsticks, eye creams and others under such brand names as OHUI, Whoo, Belif, SU:M37, ISA KNOX and SOORYEHAN. Its beverage products include juice, tea, coffee and bottle water products. On January 25, 2013, it acquired a 100% stake in Everlife Co.,Ltd., a Japan-based company, which mainly engaged in inner beauty business.
