The beauty distribution, retail and e-commerce company will use the takeover to expand into Australia and New Zealand
Luxasia has helped beauty brand Aveda enter the Asia market
Luxasia, the company credited with bringing the likes of Aveda, Dior and La Prairie to the Asia market, has acquired a majority stake in rival Pacific SMM.
A leader in Asia Pacific, Luxasia will use the takeover to expand into Australia and New Zealand (ANZ), where Pacific SMM dominates.
With the deal expected to complete this month, Pacific SMM will be renamed Luxasia Oceania.
Dr Wolfgang Baier, Group CEO, Luxasia, said: "We are excited by the immense potential of our partnership, given that Australia and New Zealand are mature beauty markets.
"By combining Pacific SMM’s extensive market knowledge in ANZ with Luxasia’s end-to-end brand distribution and channel management competencies, Luxasia is well-poised to bring its repertoire of beauty brands to the ANZ market speedily and successfully.”
Luxasia's brand partners may be set to benefit; in August Luxasia announced its latest deal with Lancer Skincare, helping the US brand enter Asia Pacific via its network of retailers including e-tailer Escentials.
Luxasia will now be active in 14 countries and aims to bring consumers in Australia and New Zealand more skin care and cosmetics brands, as Pacific SMM already boasts a fragrance-heavy offering.
Nicholas Gorick, Managing Director, Pacific SMM, added: "We have great admiration for the Luxasia team’s consumer-centric approach in brand distribution, having worked closely with them for several years across numerous brands.
"Leveraging our collective strengths, we are confident that Luxasia Oceania will be a dominant force in ANZ’s beauty industry.”