Suining Yinfa DAR Industrial Company, known as DAR Industrial, a subsidiary of Chinese agricultural group Voice Diary, has signed an agreement with the Korean company DongUi Cosmetics (DongUi), for its Dahurian Angelica Root (DAR) products sold on Korean market.
Voice Dairy described the exclusive agency deal, signed on 5 March, as a milestone for DAR Industrial.
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DAR products have been sold in Korea since 2002 following the lifting of import restrictions and demand has increased steadily, the company said.
“In an effort to take advantage of the recent trend and to boost the Korean DAR market, DAR Industrial began to seek potential partners in the Korean market. In accordance with DAR Industrial’s market strategy, and after lengthy negotiations, DAR Industrial and DongUi reached an agreement to closely and exclusively cooperate in selling DAR products in Korea.”
The current arrangement is scheduled to run for ten years, and will be automatically extended for three years if both companies wish to continue the relationship.
