SEOUL, May 5 (Korea Bizwire) — South Korean cosmetics manufacturers are bolstering their offensive in the North American market as sales in China and Japan have fallen sharply.
LG Household & Health Care Ltd.’s North American sales for the first quarter of this year amounted to 136.1 billion won (US$102 million), an increase of 21.1 percent from last year.
This contrasts sharply with the company’s sales in China (193.1 billion won) and Japan (89.9 billion won), which decreased by 14.1 percent and 12.8 percent, respectively.
Industry leader Amorepacific Group’s sales in Asia for the first quarter of this year were 275.2 billion won, a drop of 27 percent from last year.
In contrast, their North American sales were 62.8 billion won, an increase of 80 percent.
Cosmetics manufacturers have been seeking a basis for mid-term growth, and the North American market has now become crucial.
In response, LG Household & Health Care appointed Moon Hye-young, who previously handled marketing for Starbucks and Amazon in the United States, as the head of the company’s North American operations.
LG Household & Health Care CEO Lee Jung-ae emphasized the importance of the North American market during her New Year’s address in January, vowing to boost business capacity.
Meanwhile, Amorepacific is reportedly considering acquiring a high-potential local beauty firm to increase its presence in the North American market this year.
Ashley Song (email@example.com)