LG Electronics to invest in personal beauty devicesLG Electronics said Friday it would expand into the beauty appliances market, in line with its strategy to diversify its product portfolio.
The Korean tech giant said it decided on the move as business is expected to expand sharply in that area. The company plans to showcase its first electronic cleansers on Monday.
Beauty appliances include smaller electronic devices that can be used at home for skin and hair care. According to data compiled by Persistence Market Research, the global market for beauty devices was estimated at $19.4 billion, which is expected to expand to reach $54.2 billion by 2020.
Major global tech brands, including Panasonic, Toshiba, Sharp and Philips, already produce beauty devices. Cosmetics firms like AmorePacific also sell related appliances.
Industry observers say LG Electronics can utilize its capabilities in the field of light technology and batteries to produce globally competitive beauty devices.
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