It'S SKIN gets funding from China capital

By Kim Yoo-chul

Adrian Cheng, New World Group vice chairman

It’S SKIN, a leading Korean beauty products brand, has received funding from Chinese capital in what officials say is a move to entice more Chinese consumers who prefer Korean brands.

In a statement, New World Group said it acquired stakes in the company worth 18 billion won. This is its second investment in a Korean company after the Chinese retail-focused outfit earlier invested 22 billion won in local commerce platform provider Yap.

The statement said the investment was mostly intended to help It’S Skin expand in China and Hong Kong.

“New World Group wants to act as a bridge for bringing quality Korean products, idea and technologies to China. Lots of Korean beauty brands have a presence in our department stores and K11 shopping malls,” the group’s vice chairman Adrian Cheng said in the statement.

“The strategic investment from New World Group is very important for our future expansion into China which is a very challenging market with high growth potential,” It’S SKIN CEO Lim Byung-chul said.

It'S SKIN is receiving positive response on its products from Chinese consumers.

New World Group and Chow Tai Fook Enterprise are under the control of the Cheng family and have extensive retail network in China including New World Department Store, the third-largest in China.