April 26, 2024

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[THE INVESTOR] Shinsegae Department Store will introduce a cosmetics brand early next year, according to news reports on Nov. 30.

The firm’s President Chung Yoo-kyung has been one of the major forces leading the fashion and retail business in South Korea, bringing international luxury fashion and lifestyle houses here through the department store and Shinsegae International. 

Shinsegae Department Store President Chung Yoo-kyung

More recently, Chung has been focusing on the cosmetics business, snapping up local makeup brand Vidi Vici in 2012, a Swedish niche fragrance line BYREDO in 2014, and Italian cult beauty brand Santa Maria Novella in 2015.

Last year, Shinsegae partnered with Italy’s Intercos, a leading makeup original design manufacturer, and set up a 50:50 joint venture Shinsegae Intercos Korea, which awaits a new factory in Gyeonggi Province. 

The factory and a research and development center are expected to be completed by the end of January, and will be able to generate up to 1,500 tons of cosmetics, for Intercos’ clients that include Chanel, Lancome and Dior, as well as for Chung’s own yet-to-be-named beauty range.

“Even though it does cost more, we have decided to set up a plant in South Korea to develop unique and superior products,” said Dario Ferrari, chairman and founder of Intercos on his visit here in April. 

Chung firmly believes that cosmetics business with its large growth potential will be a strong foothold for Shinsegae, according to industry sources. 

The group will also unveil Chicor, a multi-brand beauty emporium at the new Shinsegae branch in Daegu in December, and “will enter beauty business in earnest,” said a company official. 

By Hwang You-mee (glamazon@heraldcorp.com)