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Korean cosmetics giants AmorePacific and LG Household & Health Care on Thursday said they would share patents while dropping all litigations against each other.
In particular, the deal will allow LG to use AmorePacific’s patented global smash-hit cushion foundation techniques while AmorePacific will be able to use LG’s patented tooth-bleaching patch manufacturing techniques.
“The two companies decided to acknowledge nonexclusive rights on patented cosmetics and lifestyle goods between themselves. This will bring the two companies great opportunities to focus on nurturing the global competitive edge for K-Beauty,” AmorePacific stated.
“The deal envisions the change in our stance ― we are willing to negotiate with cosmetic companies who offer the right price and the right condition to use our patent in cushion foundations and other products in the future,” an AmorePacific spokeswoman told The Korea Herald.
The companies have been engaged in a legal battle over the cushion-stamping foundation. LG filed for the annulment of AmorePacific’s patent, but lost in the lower court in 2014 and sought for an appeal.
By Bae Ji-sook (baejisook@heraldcorp.com)
In particular, the deal will allow LG to use AmorePacific’s patented global smash-hit cushion foundation techniques while AmorePacific will be able to use LG’s patented tooth-bleaching patch manufacturing techniques.
“The two companies decided to acknowledge nonexclusive rights on patented cosmetics and lifestyle goods between themselves. This will bring the two companies great opportunities to focus on nurturing the global competitive edge for K-Beauty,” AmorePacific stated.
“The deal envisions the change in our stance ― we are willing to negotiate with cosmetic companies who offer the right price and the right condition to use our patent in cushion foundations and other products in the future,” an AmorePacific spokeswoman told The Korea Herald.
The companies have been engaged in a legal battle over the cushion-stamping foundation. LG filed for the annulment of AmorePacific’s patent, but lost in the lower court in 2014 and sought for an appeal.
By Bae Ji-sook (baejisook@heraldcorp.com)
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Articles by Korea Herald
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