LG Care Vice Chairman Outlines Overseas Plans in New Year’s Address
LG Care Vice Chairman Outlines Overseas Plans in New Year’s Address
  • By Kim Yu-na (yuna@koreaittimes.com)
  • 승인 2015.01.04 04:15
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Cha Seok-yong, the vice chairman of LG Household and Health Care

In his New Year’s address, Cha Seok-yong, the vice chairman of LG Household and Health Care (LG Care: www.lgcare.com) explained the importance of developing business abroad, and spoke of how the company intends to deal with the financial challenges of the year ahead.

Cha said, “LG Care has continued to exhibit potential in the form of increasing revenues, operating profits and net profits for consecutive ten years now, despite unfavorable business conditions. It is therefore imperative that the company now pushes ahead with its development efforts overseas, as these are the markets that it needs to focus on as a main business outlet in 2015.”

Cha also underlined the importance of being alert to the financial challenges of 2015. He noted, “We are now faced with deepening concerns about the possibility of a long-standing recession due to structural problems in the Korean and global economies. The survival of a company in this intensely competitive business world depends on how quickly it can move to secure a sound, competitive edge.”

The vice chairman presented the company’s top priorities for 2015 as follows:

- Developing overseas markets to promote LG Care’s major business interests

- Accelerating premium lines and improving existing, nascent channels

- Launching differentiated products and improving production costs

- Carrying out social responsibilities

On the subject of developing overseas businesses, Cha also explained, “Our top targets are now markets in China and other Chinese-speaking countries. We will also look to expand our operations in the United States and in Japan.”

Cha said, “The company needs to strengthen its position in the prestige cosmetics market, while, at the same time, also securing business competitiveness in masstige markets, as well as moving into the field of cosmeceutical products. LG Care also needs to look at how it can improve sales through duty free shops and online outlets.”

The vice chairman went on to mention that the launch of new and differentiated products needed to coincide with a strengthening of the competiveness of existing LG Care businesses, while also looking to create new business opportunities that build on the success of already-successful ventures. LG Care, he noted, will also look to enhance its fiscal security through thorough investment projects and improved productivity.

Closing the address, Cha said, “In times of trouble, we should not forget our core values and must look to address all of the needs of our customers with due care and forethought. With a combination of professional expertise and a deep understanding of the market, we will be able to develop as a company whose keen knowledge can transform into success in the year ahead.”


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