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LG Electronics is reportedly adding another line of business to its portfolio, which is unexpected. The South Korean maker of Galaxy smartphones is diving into the cosmetic business and may release its new products as early as next year.
As per The Korea Herald, LG Electronics is launching a number of cosmetics products in line with the introduction of its new skincare device. The company is planning to release the cosmetics under the Pra.L brand, its own in-house home beauty unit.
The new cosmetics will most likely be out in the market within the first half of 2024. These details were lifted from LG Electronics’ recent semi-annual report on DART, the Financial Supervisory Service's disclosure board.
An official of the company also shared on Tuesday, Aug. 22, that LG Electronics is in talks of teaming up with a Korea-based cosmetic company to make the cosmetics. The company decided that it would be much better to find a partner than to produce the products themselves
“We may go through joint research and development with a manufacturer,” the official said. “The cosmetics maker will likely be in charge of production, while LG would be responsible for the sales.”
It was also noted that LG Electronics’ potential partnership with a local cosmetic company comes amid the growing beauty trend in and outside of the country. Skincare devices are also gaining popularity thus, creating cosmetics that can be used with them is an obvious good business.
Finally, Seoul Economic Daily also quoted another company official as saying, “We will continuously monitor and reflect customer behavioral data and key indicators obtained from direct-to-consumer (D2C) contact points to provide customized products and services that customers want.”
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