POSCO Daewoo to Introduce Korean Cosmetics to International Markets
POSCO Daewoo revealed on Sept. 13 that it will expand its business overseas in partnership with Caolion, a mid-sized cosmetics company.
The new division of the company targets the European, Asian, African, Central and South American market particularly in Poland, Germany, United Kingdom, Thailand and China.
A source from the company said that "through our local network across the world, we will present quality products in global cosmetics markets."
The South Korean steelmaker added that expansion with new products on new markets will be accompanied by promotion of commodities from native small and medium businesses, Korea Herald reported.
According to the memorandum of understanding (MOU) between the two companies signed in Songdo, two brands will be promoted and marketed.
The "Caolion" brand offers products for people with sensitive skin while "JJ Young" will target young people.
Senior Vice President of POSCO Daewoo, Nam Si-Kyung said that "we will do our best to promoted Caolion Cosmetics' products globally through our marketing network."
"Besides this company, POSCO Daewoo will continue to help competitive small and medium-sized Korean companies seeking overseas expansion," she added.
A task force was developed early 2016 to look into new services and products that have potential of becoming new growth instruments of the company, Korea Times reported.
POSCO Daewoo is a subsidiary of POSCO and is the largest trading business in South Korea. The company has been running in the industry of construction and trading since 1967.
The company has more than 100 international subsidiaries and branches. Its business is divided into different sectors including steel making, plant industry, textile industry, chemical division, mineral resources division and a factory in Busan.
On the other hand, Caolion founded by Jinyoung Joo focuses on solution for sensitive skin. Its products are considered as the country's first pure hypoallergenic cosmetics.
Caolion aims at promoting natural beauty and glorious aging through technology and high quality ingredients.
