Nivea strives to lead skin care market
The process begins with a corporate name change, which will take effect on July 1. The main office was also relocated to Yeouido, western Seoul, last Wednesday. Executives, related officials and employees pledged a new start to better serve consumers.
Korea is the first Asian market that the group has decided to enter with more brands, drawing keen interest in the skin care industry. Along with the popularity of stores such as Olive Young and Watsons, the company’s medical skin care brand Eucerin and foot care brand Hansaplast have reached one step closer to consumers.
The company also plans to keep concentrating on Nivea’s men skin care products, since Korea makes up 20 percent of the worldwide market for male skin care, according to international research group Euromonitor. The market size surpasses Japan, China and the United States, according to a recent JoongAng Ilbo report.
The group owns eight cosmetic brands, including the three brands previously mentioned, two medical brands and the cosmetic luxury brand La Prairie. It recorded sales amounting to 8.4 trillion won ($7.3 billion) last year. With 131 years of history, more than 18,000 employees are working at 150 branches across the world. The new Yeouido branch is preparing for business expansion, hiring more employees and spending more on infrastructure.
“During the past 20 years, we have been successful here in Korea with one brand, Nivea. Last year’s additional launch really showed the limitless potential of the Korean skin care market,” said Stefan Ernst, president of Beiersdorf Korea. “On a long-term basis, our target is to introduce the rest of our brands and achieve growth of more than two digits every year. We would like to take leadership of the Korean skin care market.”