South Korea’s products maker will introduce Dr. Belmeur to its consumers through The Face Shop, as it strives to own a larger share of the growing cosmetics and dermatology market in APAC.
Dr. Belmeur skin care products are marketed as solutions that apply Skin-sync Rx, a customised formula for specific skin types that help soothe sensitive skin and form skin barriers.
Bae Su-ji, known as Suzy, a South Korean singer and actress, announced on Twitter on 22nd October that the Dr. Belmeur product range, which is “skin sync rx recommended by experts” will be coming soon.
The launch of Dr. Belmeur will mark the budget cosmetics label's first dermo-cosmetic brand.
At present, LG Household & Health Care runs four functional labels - CNP Cosmetics, CNP Rx, Carezone and Dermalift.
In recent years, LG Household & Health Care has taken steps to emerge as a dominating brand in the growing dermo-cosmetic market.
2016 has been a busy year for LG Household & Health Care as it opened South Korea's first cosmetics-only facility and announced the launch of a new product range from its premium CNP Cosmetics brand.
In September 2016, the cosmetics giant revealed that it had received the go-ahead to develop a cosmetics complex in Cheonan, South Chungcheong Province, South Korea. It announced that the facility will include manufacturing facilities, raw material cultivation facilities and a smaller factory containing Internet of Things (IoT) technology.
In addition to the premium CNP product line, in May 2016, the company created the equally masstige range of CNP Rx products, which were rolled out at high-end retailers and department stores.
South Korean growth
Euromonitor International reported in April 2016 that despite maturity in the South Korean market through high-penetration rates, consumers’ high-image consciousness is expected to drive continued investment in the personal care and beauty industries.
On October 25th 2016, LG Household & Health Care revealed that their Q3 2016 earnings were their highest quarterly earnings, reporting sales of 1.6 tn won (€1.3 bn), representing a 12.7% increase.
The brand also announced that it had amassed 244 bn won (€191 mn) in operating profit, amounting to a 28.4% year-on-year (yoy) rise.
The brand’s cosmetics business, especially luxury cosmetics, led the total sales in Q3 2016. Sales reached 742 bn won (€581 mn), equalling a 26.5% yoy rise, while operating profits saw a 60.0% yoy increase, with 131 bn won (€103 mn) worth of sales achieved. LG Household & Health Care has delivered growth in both sales and operating profit over the last eleven years.