Chaseok Yong, Vice Chairman of LG Household & Health Care, "Leaping to a Global Luxury Beauty Company through Persistent Innovation"

Cha Seok-yong, Vice Chairman of LG Household & Health Care

[Asia Economy Reporter Seungjin Lee] Cha Seok-yong, Vice Chairman of LG Household & Health Care, pledged to focus his capabilities on the beauty business and to leap forward as a global luxury beauty company through persistent innovation.

In his New Year's address on the 3rd, Vice Chairman Cha stated, "Despite the difficult economic situation last year, we achieved growth based on a strategy aimed at customer satisfaction and a solid brand portfolio, resulting in sales and operating profits exceeding pre-COVID-19 levels."

He continued, "The new year 2022 will mark the beginning of the 'Real' Post Corona era and is also expected to bring the final pains toward economic normalization. In times like these, it is essential to focus on the basics, concentrate on customer value, and ensure that all concerns and actions start from customer value."

In particular, Vice Chairman Cha emphasized, "When customers experience the value we provide and are moved by that experience, we can get closer to our goal of becoming a 'global luxury beauty company that realizes customer satisfaction through persistent innovation.'"

To this end, Vice Chairman Cha presented the key initiatives for 2022 as ▲ focusing capabilities on the beauty business ▲ expanding overseas business centered on the North American market ▲ strengthening digital capabilities.

Vice Chairman Cha first stressed, "We must pioneer the market with luxury brands in the global beauty market, which has great potential for business expansion."

He added, "Our flagship brand 'The History of Whoo' will further strengthen its luxury positioning by focusing on the premium Hwanyu line and Cheonyuldan line following the Cheongidan line. At the same time, we will nurture 'Su:m37', 'O Hui', and 'CNP' as mega brands, and utilize globally recognized brands acquired through M&A such as 'Physiogel', 'Usimol', 'Riche', and 'Arctic Fox' to pioneer the global market."

Vice Chairman Cha urged, "To leap forward as a true global luxury beauty company, we must continue to expand our business in the North American market, which is the largest global market and a trendsetter."

As a strategy for expanding in the North American market, he emphasized, "To enter the North American market with the 'The History of Whoo' brand, we will maintain the brand concept and heritage while strengthening new lines that apply scents and packaging designs preferred by North American customers. On the channel front, we will expand relationships with offline retailers secured through the acquisition of REACH, and simultaneously leverage the digital capabilities of Arctic Fox, acquired last year, to grow the business."

Vice Chairman Cha also stressed digital innovation.

He said, "We must strengthen our responsiveness at digital customer touchpoints by communicating directly with customers in digital spaces, analyzing customer data more closely to read trends, and enhancing digital marketing capabilities on social media platforms favored by the MZ generation. We will also strengthen digital capabilities across the entire business value chain, including improving product quality through AI-based prescription development."

Vice Chairman Cha concluded his New Year's address by referring to a verse from the Chinese poet Su Dongpo, 'Chun Gang Su Nan Ya Xian Zhi' (춘강수난압선지).

He said, "Just as a duck reads spring by dipping its feet in the water even in the cold winter as the river warms, we must immerse ourselves in customer trend changes and sensitively grasp the movements to catch the fattest fish. We must strive to understand customers in detail and differentiate with products tailored to them to provide customers with an unprecedentedly moving experience."

This content was produced with the assistance of AI translation services.