05.01.17
A growing Chinese economy and an avid interest in beauty products impacted the South Korean cosmetics industry in 2016, boosting a rise in exports by more than 40% in 2016.
According to the Korea International Trade Association, exports of skin care and makeup products reached close to $4 billion last year, a rise of more than 44% over the previous year’s sales. The number was reported to have doubled from the 2014 figure of $1.79 billion. Among the export countries, China accounted for 36.5% with $1.45 billion.
LG Household & Health Care Ltd. recorded the best performance in 2016 due to strong growth in the cosmetics sector. Sales reached 6.9 trillion won; operating profits, 880 billion won; and net profits 579 billion won; up by 14.4%, 28.8% and 23.1%, respectively, over the previous year. Cosmetics sales reached 3.1 trillion won. The company said it plans to increase its number of stores in China and expand in the Southeast Asian market.
According to the Korea International Trade Association, exports of skin care and makeup products reached close to $4 billion last year, a rise of more than 44% over the previous year’s sales. The number was reported to have doubled from the 2014 figure of $1.79 billion. Among the export countries, China accounted for 36.5% with $1.45 billion.
LG Household & Health Care Ltd. recorded the best performance in 2016 due to strong growth in the cosmetics sector. Sales reached 6.9 trillion won; operating profits, 880 billion won; and net profits 579 billion won; up by 14.4%, 28.8% and 23.1%, respectively, over the previous year. Cosmetics sales reached 3.1 trillion won. The company said it plans to increase its number of stores in China and expand in the Southeast Asian market.
