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Biz News Korea(Eng)
Successful revival of faded drink brand offsets slow cosmetics sales of LG Household
- Collected
- 2017.06.20
- Distributed
- 2017.06.21
- Source
- Go Direct
That is a 10-fold growth from sales of 2 billion won four years ago when the health drink business was acquired from Yungjin Pharmaceutical, a mid-sized drugmaker in Korea.
Beverage business played a robust role in the offsetting of LG Household’s revenue drop in core cosmetics business caused by China’s retaliation against Korean cosmetics brands amid THAAD disputes early this year.
The company reported its first-quarter sales came to 1.6 trillion won with an operating profit of 260 billion won and a net profit of 180.6 billion won on a consolidated basis. Revenue grew 5.4 percent from a year earlier, and operating and net profits gained 11.3 percent and 12.5 percent, respectively.
In late 2013, LG Household & Health Care vice chairman Cha Suk-yong decided to acquire Glonsan Vermont to expand its beverage lineup and better respond to a burgeoning functional beverage market.
Glonsan Vermont launched by Yungjin in 1964 had been a steady seller for more than 50 years. During its heyday in the 1970s and 1980s, it and rival Bacchus dominated the domestic health drink market. But sales began to slow after the mid-1990s due to fierce competition and a financial trouble of its owner.
By Jeon Ji-hyun
[ⓒ Pulse by Maeil Business News Korea & mk.co.kr, All rights reserved]