Avon Products, Inc. (NYSE: AVP) today announced that it has entered into an agreement with KORRES to manufacture and market KORRES products in Latin America.  Created by a Greek pharmacist - George Korres, KORRES is a Greek skincare brand established for its highly efficacious natural formulations.

This strategic alliance starting in February 2014 can expand up to 14 years with the option for Avon to purchase the remaining KORRES intellectual property for the Latin America territory.

The deal has secured KORRES $11,5m in the first twelve months, breaking down to Trademark purchase price, up front and service fees, on top of the anticipated service fees and based-on-sales royalties for the forthcoming years.

Avon Latin America is Avon Product, Inc.'s largest business unit accounting for nearly half of Avon's revenues.

"Latin America is a growing beauty market and a major component of the Avon portfolio.  I'm very pleased that through this strategic alliance, we can leverage Avon's extensive sales network and capabilities to bring the KORRES brand and products to more women across Latin America," said Sheri McCoy, Chief Executive Officer, Avon Products, Inc. 

"Latin America has always been of interest to us. We feel there is a unique opportunity to reach consumers who share our values and philosophy; AVON is a strategic partner who can help us start another wonderful journey. This strategic deal offer us the opportunity for further growth" said KORRES founder, George Korres.

Born out of Greece's oldest herbal pharmacy, the brainchild of a pharmacist and a chemical engineer, KORRES is a natural skincare brand with over 400 products sold in 30 countries worldwide. Its philosophy remains the same as in its pharmacy days rooted in the use of natural and / or certified organic ingredients of the highest quality; skin- and environmentally-friendly products with clinically tested efficacy; products that are affordable for everyday use yet of interesting aesthetics that can ‘inspire & make us happy.'

KORRES has also announced the set up of its USA subsidiary for North America and Canada ? KORRES USA Ltd ? which will be distributing KORRES direct to the North American market, allowing the Greek skincare brand to continue its successful presence in this priority market.

About Avon:
Avon, the company for women, is a leading global beauty company, with nearly $11 billion in annual revenue. As one of the world's largest direct sellers, Avon is sold through more than 6 million active independent Avon Sales Representatives. Avon products are available in over 100 countries, and the product line includes color cosmetics, skincare, fragrance, fashion and home products, featuring such well-recognized brand names as Avon Color, ANEW, Skin-So-Soft, Advance Techniques, and mark. Learn more about Avon and its products at www.avoncompany.com.

About KORRES:
KORRES, a Greek skincare brand established in 1996 out of the oldest homeopathy pharmacy in Ahens. The first KORRES product is an aromatic herbal syrup with honey and aniseed, a recipe inspired by «rakomelon», a warming spirit-with-honey concoction, which George's grandfather used to favour in his hometown on the island of Naxos [learn more at www.korres.com]

For further information:
Athina Lagou/ Τ: + 30 213 018 8905 Ε: athina.lagou@korres.com
George Anthoulakis / Τ: + 30 213 018 8835 Ε: george@korres.com