LG Household & HealthCare Raises Beauty Prices by Average 5.6%
Creatrip Team
2 months ago
LG Household & HealthCare has raised prices on certain beauty products from brands including O Hui, SU:M37, belif, CNP and Saeng Living Garden by an average of 5.6%, citing higher raw material and labor costs. The move comes amid prolonged weakness in its cosmetics division, which posted its first quarterly loss in 20 years last year. The company has already cut costs through voluntary retirements among offline sales staff and is reorganizing its beauty operations under new CEO Lee Sun-joo, who joined from L’Oréal. Last November the firm restructured its beauty units into five segments — Luxury Beauty, Derma & Contemporary Beauty, Cross-Category Beauty, Neo Beauty (including Dr.Groot and Usimole), and HDB (Home & Daily Beauty) — as part of efforts to improve performance.
