SK Networks Co., trading arm of South Korea’s SK Group, has joined hands with Japanese electronics maker Cado Co. to enter Japanese hairdressing and beauty appliance market.

SK Networks said Thursday that it signed an agreement with Cado to set up a joint venture through which the company will market hair styling and other beauty appliances. SK Networks will own 49 percent stake in the joint venture and Cado 51 percent.

Cado, which was established in 2012, manufactures and sells upscale, small domestic appliances such as air purifier, humidifier and dehumidifier. It also runs a business in Korea.

Two companies plan to launch hair dryer in the fourth quarter this year and three additional hair styling appliances next year in Japan.

Japanese hairdressing market size amounts to more than 560 billion won ($525 million), eight times bigger than that of Korea, according to SK Networks. The Korean company expects the joint venture with Cado would help expand its presence in global beauty appliance market, starting with Japan.

Shares of SK Networks ended Thursday 0.68 percent higher at 5,950 won apiece.

By Kang Doo-soon and Cho Jeehyun

[ⓒ Pulse by Maeil Business Newspaper & mk.co.kr, All rights reserved]