C.A.P. Cosmetics (former RΕΜΕΚ) has reached an agreement tro establish a Joint Venture with Lancaster Group. ?Lancaster Hellas? will start operations within the 1rst semester of 2001. The Brand portfolio of the new company includes: · Lancaster · Davidoff · Chopard · Jil Sander · Joop! · Nikos ParfumsThe above brands were exclusively represented in Greece by C.A.P. Cosmetics, which has a co-operation with Group Lancaster since 1964. During the last 37 years, C.A.P. Cosmetics offered Lancaster one of the leading position in the Greek Cosmetics market, while the joint venture is a step towards further growth for the brand. C.A.P. Cosmetics will hold 49% of ?Lancaster Hellas? and will retain Management Control, via Management Agreement. Michael papaellinas will be the Managing Director of the new company. Lancaster was established in Monaco in 1946 from Georges Wurz & Eugene Frezzati. After 20 successful years, the founders sought co-operation with an international group, in order to secure its global growth. Thus, in 1966, thw company was sold to Beecham, a large British pharmaceuticals company. In 1990, Lancaster was acquired by Group Lancaster. Today, Group Lancaster is the selective distribution arm of Coty Group, and is included in the 10 largest companies in its field, with a strong presence in the luxury cosmetics market. Group Lancaster is one of the leading businesses in the global cosmetics market (in produstion as well as in distribution), operating in more than 80 countries. Group Lancaster includes brands such as Lancaster, Davidoff, Isabella Rosellini, Chopard, Joop!, Jil Sander, Vivienne Westwood, Nikos, Esprit, and Yue-sai Kan in China. Main markets are Europe and north America, with Asia and Latin America showing growth potential.?C.A.P. Cosmetics? is the result of a merger between «C.Α.Papaellinas SA», «Papaellinas Investment SA» and REMEK SA. Since 1993, the company controls 49% of ?Yves Saint Laurent Beaute S.A.?, which is a joint venture with ?Y.S.L.?, and which shows steady growth. ?C.A.P. Cosmetics? is the largest Greek listed cosmetics company. The company has the largest cosmetics brand portfolio in Greece, representing brandnames such as Chanel, Revlon, Givenchy, Miyake, Max Factor, Bvlgari, Dolce & Gabbana, Elizabeth Arden, Azzaro, Fendi, Ferragamo, Sisley. C.A.P. Cosmetics is a subsidiary of Notos Com Holdings.