By Lee Hyo-sik
One from among Hong Kong's new generation of business tycoons is betting high on It's SKIN, one of Korea's low-cost cosmetics brands, to capitalize on the growing popularity of made-in-Korea beauty products among Chinese consumers.
In a recent interview with The Korea Times, Adrian Cheng, executive vice chairman of New World Development and executive director of Chow Tai Fook Jewellery, said he will open It's SKIN shops in department stores and jewelers operated by his companies across China.
"It's SKIN is a rapidly emerging cosmetics brand not only in Korea, but also throughout Asia. The company has huge growth potential," Cheng said. "I think Korean beauty products are the best in the world. European brands do not have what Asians need, while Korean skincare and other cosmetics products are perfect for Asians."
Cheng, born in 1979, is the eldest grandson of Cheng Yu-tung, the founder of Chow Tai Fook Holdings, which owns Chow Tai Fook Jewellery and New World Development. Chow Tai Fook Jewellery runs 2,400 jewelry shops in Hong Kong and China, while New World Development operates 43 department stores in China and 11 shopping malls and duty free shops in Hong Kong and Macau.
Cheng invested 18 billion won ($16 million) in It's SKIN for a 1.5 percent stake in June 2015, before the cosmetics brand went public last December.
"It will create a great deal of synergy by bringing It's SKIN into our extensive retail networks in China," he said. "We will open the shops at our department stores and jewelers, giving the cosmetics brand much-needed access to tens of millions of Chinese consumers. We have also been building multiple online sales platforms together to make it easier for Chinese shoppers to purchase a wide range of It's SKIN products."
It's SKIN is best known for its snail-based skin cream, Prestige cream d'escargot, which has seen huge success since going on the market in 2009.
A series of policy changes in China have made it cheaper and more convenient to bring foreign cosmetics goods to the mainland, according to Cheng. "The Chinese government has decided to lower import duties on skincare products from 50 percent to 11.9 percent. This will further boost the sales of It's SKIN products in China."
He said Chow Tai Fook Jewellery will actively promote It's SKIN products among its 6 million VIP customers by mailing out samples and holding seminars.
"By partnering with Chow Tai Fook Holdings, It's SKIN can now take advantage of extensive distribution networks in China," Cheng said. "It doesn't have to worry about logistics and advertising in China. We will do all of that."
 |
| Adrian Cheng, executive vice chairman of New World Development |
In a recent interview with The Korea Times, Adrian Cheng, executive vice chairman of New World Development and executive director of Chow Tai Fook Jewellery, said he will open It's SKIN shops in department stores and jewelers operated by his companies across China.
"It's SKIN is a rapidly emerging cosmetics brand not only in Korea, but also throughout Asia. The company has huge growth potential," Cheng said. "I think Korean beauty products are the best in the world. European brands do not have what Asians need, while Korean skincare and other cosmetics products are perfect for Asians."
Cheng, born in 1979, is the eldest grandson of Cheng Yu-tung, the founder of Chow Tai Fook Holdings, which owns Chow Tai Fook Jewellery and New World Development. Chow Tai Fook Jewellery runs 2,400 jewelry shops in Hong Kong and China, while New World Development operates 43 department stores in China and 11 shopping malls and duty free shops in Hong Kong and Macau.
Cheng invested 18 billion won ($16 million) in It's SKIN for a 1.5 percent stake in June 2015, before the cosmetics brand went public last December.
"It will create a great deal of synergy by bringing It's SKIN into our extensive retail networks in China," he said. "We will open the shops at our department stores and jewelers, giving the cosmetics brand much-needed access to tens of millions of Chinese consumers. We have also been building multiple online sales platforms together to make it easier for Chinese shoppers to purchase a wide range of It's SKIN products."
It's SKIN is best known for its snail-based skin cream, Prestige cream d'escargot, which has seen huge success since going on the market in 2009.
A series of policy changes in China have made it cheaper and more convenient to bring foreign cosmetics goods to the mainland, according to Cheng. "The Chinese government has decided to lower import duties on skincare products from 50 percent to 11.9 percent. This will further boost the sales of It's SKIN products in China."
He said Chow Tai Fook Jewellery will actively promote It's SKIN products among its 6 million VIP customers by mailing out samples and holding seminars.
"By partnering with Chow Tai Fook Holdings, It's SKIN can now take advantage of extensive distribution networks in China," Cheng said. "It doesn't have to worry about logistics and advertising in China. We will do all of that."
![[INTERVIEW] Asia expected to be key driver of ESG growth: Deloitte ESG Partner](https://img.koreatimes.co.kr/upload/thumbnailV2/87802ead2db34304ae4b653f8982cbb4.jpg/dims/resize/178/optimize)
![[INTERVIEW] Lee Jun-hyuk unrecognizable in 'The Roundup: No Way Out'](https://img.koreatimes.co.kr/upload/thumbnailV2/77a9da6df7da4284adbee249a87307c1.jpg/dims/resize/178/optimize)
