Avon Products has announced a new agreement with Korres, which gives Avon exclusive rights to develop, manufacture and market Korres products in Latin America.

The long-term strategic alliance includes all major markets where Avon operates in Latin America, and provides Avon the option to purchase all of the intellectual property rights to the Korres products in that region.

Latin America is Avon’s largest business unit, accounting for nearly half of the company’s revenues.

Sheri McCoy, chief executive officer, Avon Products, commented:

“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 network and capabilities to bring the Korres brand and products to more women across Latin America.”

George Korres, founder, Korres, added:

“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 partnerthat can help us start this wonderful journey.”