After 26-years in business, Greek beauty brand Korres has a rich history to tell.
Korres began as a homeopathic herbal remedy brand within a Greek pharmacy that was founded by George Korres in 1992. In 1996, the beauty brand was born, and it has since built up a portfolio of skin care, body care and fragrance products. They include staple Greek ingredients like olive oil, Greek yogurt, white pine and Assyrtiko, a white grape variety from the Greek island of Santorini.
After first selling through Henri Bendel department store in 2000, Korres relaunched in the U.S. market in 2018 with a digital-first approach. This shortly followed Morgan Stanley’s investment of over $56 million into Korres in Nov. 2017, allowing the brand to push further into international markets. More recently, in Jan. 2021, the 26-year-old brand entered Ulta Beauty stores through the retailer’s Conscious Beauty program, following its Ulta.com launch in Dec. 2020. Korres is also sold at Sephora, HSN and Dermstore,
With Ulta Beauty, the Korres team hopes to reach Gen-Z customers, which is a big focus for the beauty brand. Additionally, Korres plans to set up livestream shopping on its DTC e-commerce site in April. The goal is to better control its brand story and introduce people to its history as a Greek apothecary-pharmacy brand, while focusing on ingredient harvesting within Greece, in-house formulations and productions.
“My vision is not to sit here and tell a story. My vision is to bring people in,” said Lena Korres, Korres co-founder and gm of North America, on the latest episode of the Glossy Beauty podcast. “That’s why livestream shopping and being able to show things and introduce people [to Korres] and [let them] ask questions [is important]. That’s where I see our brand heading toward and making a difference.”
In 2020, Korres earned $30 million in U.S. sales and $97 million globally. Korres expected to earn $120 million in 2021 global sales, she said, in a Glossy Jan. 2021 story.