It was reported that YG Entertainment will be trying to conquer another field of bussiness as the agency is about to launch its own cosmetic line of medium and high priced cosmetics targeting the Chinese market.
The Financial Supervisory Service announced that YG Entertainment allocated 50 billion KRW in a cosmetics manufacturing and sales company Coson. What’s more Coson’s stock-price fluctuation limit jumped when the trade opened.
In October 2007 Coson was bought out by a cosmetic brand Mizon’s CEO Lee Dong-gun who was a researcher at Amore Pacific in the past. Since then, the company tried to transform itself into a cosmetic company.
The start of YG Entertainment and Mizon’s relationship goes back to 2007 when BIGBANG was appointed a model for BB BUD,a brand made by Mizon’s cosmetic manufacturer Nei-on.
One of the YG Entertainment’s personnel said, “We discussed our cosmetic launch with many companies, but we decided that Coson can foster our brand,” and revealed that Coson is currently building a factory in Osan, Kyeonggi province, and that itw will be able to focus on product development since the company secured its own research center.
YG Entertainment will launch the medium and high priced cosmetic line targeted at women in their 20’s as early as the beginning of next year. They want to target the Chinese market, which accounts for 20% of South Korea’s cosmetic export.
The agency will secure competitiveness differentiating themselves from other existing cosmetic brands. For example, they are materializing the idea by coming up with a new and fresh concept, like creating a cosmetic line that is suited for going clubbing.
The related personnel from YG Entertainment explained, “The quality of Coson is guaranteed because the products are made by people from Amore Pacific. We will be participating in every level starting from product development stage, to launch a product that sets itself apart from other existing cosmetic companies.”
Source: bbupdates
Article by: Karolina
Edited by: KareBare
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