LG H&H outlines focus on derma beauty and makeup, targeting 2024 as ‘growth inflection point’
LG Health and Medical (LGH&H) has announced plans to strengthen its competitiveness in 2024 after suffering a significant decline in profits last year.
Despite the lackluster numbers, the company expects to “We laid the foundation for building national and global competitiveness.”
It added that it sees 2024 as a “tipping point for growth”, which will be achieved by strengthening its core competitiveness.
CJ Olive Young establishes $74 million fund to support Korean beauty small businesses
CJ Olive Young has teamed up with the Industrial Bank of Korea (IBK) to establish a 100 billion won (US$74.3 million) fund to support the growth of small and medium-sized enterprises (SMEs) beauty companies.
With the Olive Young Mutual Growth Fund, eligible businesses can benefit from a 2.39% interest rate reduction.
The company said its aim is to ease the financial burden on local small and medium-sized enterprises by facilitating more flexible access to finance and lowering interest rates.
Amorepacific’s growth in Japan, Americas and EMEA not enough to offset decline in China
Amorepacific’s latest full-year results show that growth in several markets, including the U.S., was not enough to offset weak performance in China, with the company’s international operations in the red.
The company reported an operating loss of 43.2 billion won (US$32.5 million), with overall revenue down 6% to 1.39 trillion won (US$1.04 billion).
The company said the decline was primarily due to China, where it reported sales were down “mid-20%.”
Hindustan Unilever refocuses on beauty sector, expecting ‘decades of massive growth’
Unilever’s Indian subsidiary promotes a strong brand portfolio that includes mass, premium and prestige brands and foresees rapid growth in the beauty sector.
HUL first announced its decision to demerger its beauty and personal care (BPC) business in December last year. From April 1, 2024, he will develop his two specialized businesses: Beauty and Wellbeing (B&W) and Personal Care (PC).
“This transition will allow us to further focus on both businesses and leverage our strong portfolio.”Rohit Jawa, Chief Executive Officer and Managing Director of HUL, said:
Shiseido acquires Dr. Dennis Gross and realizes the “medicalization” of beauty
Shiseido’s decision to add cosmetics brand Dr. Dennis Gross to its portfolio may have been influenced by the increasing “medicalization” of beauty, one analyst said.
The medicalization of beauty refers to the increasing demand for evidence behind claims and the creation of value through ingredient-driven products.
These trends may have influenced Shiseido’s decision to acquire an American skincare brand.