À̹ÌÁö È®´ë Shinsegae Department Store, a unit of South Korea¡¯s leading retail conglomerate Shinsegae Group, will launch its private labeled cosmetics brand as early as in August, becoming the country¡¯s first industry player to develop and market own cosmetics products.
According to multiple industry sources on Wednesday, Shinsegae Department Store applied for Korean and English trademark registration of its own cosmetics brand Yunjak last month with an aim to launch the brand as early as in August. Yunjak - which refers to nature or a work of nature - is a functional cosmetics brand that focuses on skin-care products made from extracts of all parts of a plant including its flowers, leaves, and root.
Shinsegae Department Store will be responsible for product retail and sales while Shinsegae Intercos Korea, a joint venture between Shinsegae Group and Italian cosmetics company Intercos S.p.A. developing and manufacturing.
If Shinsegae launches the brand, it would be the first time for a Korean department store to develop and market a own cosmetics brand. Shinsegae Group has been importing perfumes and marketing cosmetics brand Vidi Vici through its merchandising unit Shinsegae International Co. but so far none of Korean department stores has launched private label cosmetics brands.
Shinsegae Department Store is known to have prepared for the brand launch behind the doors, and multiple sources noted that the new cosmetics brand would compete against a few premium local cosmetics brands such as Amorepacific¡¯s Sulwhasoo and LG Household & Care¡¯s The History of Whoo.
Sources also expected that with the launch of the new cosmetics brand, Shinsegae Department Store would accelerate its plan to expand its lifestyle business ranging from its cosmetics multi-store Chicor and furniture brand Casamia.
By Lee Yoo-jin and Lee Eun-joo
[¨Ï Pulse by Maeil Business Newspaper & mk.co.kr, All rights reserved]