South Korea’s boutique hotel and golf resort developer Emerson Pacific Inc. will try its hand at developing and distributing active ingredients for cosmetics using mastic (mastiha), a plant resin harvested in Greece.
The company said on Thursday it signed an exclusive deal with Ilias Smyrnioudis, head of Chios Mastiha Growers Association, to provide mastic to Korea and China.
Mastic is derived from the mastic tree which grows only on Chios and acts as an antioxidant and anti-inflammatory supplement that has been found by some studies to suppress skin irritation, form collagen fibers, improve facial wrinkles and treat acne, according to the company.
The global mastic market is valued at 15,000 euros and the ingredient has drawn industry attention for wide applications in food, medicinal, cosmetic products.
Emerson Pacific shares Thursday ended 0.91 percent down at 27,350 won ($25.14) from the previous session.
Under the free trade agreement between Korea and the EU, mastic is registered as a protected designation of origin (PDO) product in Korea.
The three-year deal grants Emerson Pacific exclusive marketing rights to provide mastic resin, powder and oil to cosmetics manufacturers in Korea and Greater China.
The company said it will kick off the supply initially in Korea and expand business into China gradually by developing its own products based on mastic in the area of oral hygiene, food and medication in addition to cosmetics.
By Kang Da-young and Minu Kim
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