Korres and Johnson & Johnson Consumer Products Co. have recently made their debut as business partners. By doing so they have reiterated that Korres will remain true to its prestige roots for the foreseeable future.
Stefano Curti, J&J’s newly named president, global skin care, stressed on the need to have brand awareness for Korres, which he “fell in love with” after meeting its founders, George and Lena Korres, in Greece several years ago. “It has great equity, but awareness is not where it could be,” said Curti.
For Korres, the year 2010 ended with approximately $62.2 million in sales, down from $75 million the year before, with the decline due to the current economic situation as opposed to sales outside Greece, which grew stronger in the U.S., the company said.
As a result of the partnership with J&J, about 80 percent of Korres’ larger volume products, such as its lotions, are now being made in the US, with its cosmetics line still being produced in Europe. The shift defers shipping and transportation costs.