The company’s move is in line with the reinforcement of marketing by South Korean cosmetics-makers including AmorePacific, which are enjoying a sales upsurge owing to high demand from Chinese visitors.
Last week, LG Household & Health Care vice chairman Cha Suk-yong said China was their No. 1 target market this year for growth.
|LG Household & Health Care vice chairman Cha Suk-yong|
“We’ve chosen the Greater China region as our target market for 2015,” said Cha during a general shareholders’ meeting on Friday.
To achieve this goal, the vice chairman said the company would launch new brands simultaneously in Korea and China, whereas it took months or years to launch new labels in China in the past.
According to the firm, its China sales accounted for nearly a quarter of all overseas sales of makeup products last year at 399.1 billion won ($351.9 million).
The company said in January that streamlining its beauty goods business to focus on high-end brands, such as O’hui, SU:M and The History of Whoo, has helped boost its China sales.
“We’ll continue to strengthen our competitive edge in the premium market and actively respond to the increasing demand from duty-free and online stores,” Cha added.
LG Group’s cosmetics unit has been speeding up its market expansion overseas with the planned debut of its Belief at makeup chain Sephora in major U.S. cities including New York and San Francisco later this month.
By Suk Gee-hyun (email@example.com)