10.17.24
LGH&H is #16 on our Top Global Beauty Companies 2024 Report.
Below is a look at the company's 2023 highlights, recent acquisitions, best-selling brands, and latest innovations.
#16 LGH&H
Jongro-gu, Seoul, South Korea
www.lghnh.com
In the fourth quarter, beauty sales reportedly dropped by 23.7% compared to the previous year.
The company’s reduced demand in China primarily affected the beauty segment, causing a double-digit decrease in sales in China and DFS.
In the past year, online sales in the Health & Beauty segment experienced growth due to increased demand from both domestic consumers and foreign tourists.
Several brands pulled ahead though. Key brands such as Physiogel and Euthymol reported steady growth, helping to achieve strong sales growth in online channels. Despite improvements in the product mix, the operating profit fell slightly.
In March 2024, LGH&H appointed the company’s first female CEO of the Americas division. Hyeyoung Moon oversees LG H&H USA, Avon, and Boinca. She is working to develop strategies that leverage the strength of all LG H&H America’s businesses and create synergies that will make them stronger and more competitive. Much of this expansion is planned through Avon.
At the same time, the company promoted Liza Maldonado to the Head of Direct Selling, for the U.S., Puerto Rico, and the Caribbean. Before the promotion, Maldonado led Avon Puerto Rico and Caribbean as the General Manager. Now she aims to align business trends and customer needs while developing and growing the Avon business.
In March 2024, Avon and LGH&H USA partnered with the Global Empowerment Mission (GEM), donating $2.4 million worth of products to support response efforts to major disasters.
The donated products include essential beauty and personal care items such as soap, shampoo, body lotion, skincare products, fragrances, makeup, and more. GEM will distribute these products to individuals and communities in need.
Moving forward, LG CEO Jung Ae Lee hopes to strengthen and sustain overseas business expansions. That means improving the brand portfolio, expanding distribution in China, and expanding in the U.S.
To strengthen its presence in North America, LG is focused on luxury beauty brands such as Whoo, Belif, CNP, and The Face Shop as well as Dr. Groot and Physiogel in mass markets.
Below is a look at the company's 2023 highlights, recent acquisitions, best-selling brands, and latest innovations.
#16 LGH&H
Jongro-gu, Seoul, South Korea
www.lghnh.com
Corporate Sales:
$5.6 BillionBeauty Sales (includes laundry care):
$4.3 Billion (est.)Key Personnel:
- Jung Ae Lee, CEO
- Myoung Seok Lee, CFO and CRO
- Beom Jong Ha, President and CFO, LG Corp
- Hyeyoung Moon, CEO, LG H&H Americas
Major Brands:
Prestige and Mass brands including The History of Whoo, O Hui, Belif, Beyond, Dermalift, CNP, CNP Rx, VDL, Isa Knox, Sooryehan, Code Glokolor, Vonin, Avon, The Saga of Xiu, Nature Collection, Ugly Lovely TheFaceShop, FMGT, Dr. Belmeur, Yehwadam, Elastine, Organist, Reen, Silk Therapy, Veilment, Gentology, The Crème Shop, Boinca.New Products:
- Dr. Groot Intensive Care Professional Shampoo
- Bamboo Salt Gum Care Whitening Toothpaste
- The History of Woo Cheongidan Pro Serum
- O Hui Age Recovery Gift Set
- Isa Knox LXNEW Clean
- Boosters
- Platinum product lines
Comments:
In 2023, LGH&H (LG Household & Health Care) saw $4.3 billion in sales, a decrease of about 2% over the previous year, as the company reported declines across all segments. Beauty sales fell 12.3%, due to weak demand in China and duty-free stores. However, sales continued to rise in domestic channels.In the fourth quarter, beauty sales reportedly dropped by 23.7% compared to the previous year.
The company’s reduced demand in China primarily affected the beauty segment, causing a double-digit decrease in sales in China and DFS.
In the past year, online sales in the Health & Beauty segment experienced growth due to increased demand from both domestic consumers and foreign tourists.
Several brands pulled ahead though. Key brands such as Physiogel and Euthymol reported steady growth, helping to achieve strong sales growth in online channels. Despite improvements in the product mix, the operating profit fell slightly.
In March 2024, LGH&H appointed the company’s first female CEO of the Americas division. Hyeyoung Moon oversees LG H&H USA, Avon, and Boinca. She is working to develop strategies that leverage the strength of all LG H&H America’s businesses and create synergies that will make them stronger and more competitive. Much of this expansion is planned through Avon.
At the same time, the company promoted Liza Maldonado to the Head of Direct Selling, for the U.S., Puerto Rico, and the Caribbean. Before the promotion, Maldonado led Avon Puerto Rico and Caribbean as the General Manager. Now she aims to align business trends and customer needs while developing and growing the Avon business.
In March 2024, Avon and LGH&H USA partnered with the Global Empowerment Mission (GEM), donating $2.4 million worth of products to support response efforts to major disasters.
The donated products include essential beauty and personal care items such as soap, shampoo, body lotion, skincare products, fragrances, makeup, and more. GEM will distribute these products to individuals and communities in need.
Looking Ahead:
In 2024, LGH&H said it will strengthen the core competitiveness of the group’s business, and that full-year 2024 will be a growth inflection point for the group by driving growth in the domestic market, building a robust China business, and expanding non-China overseas business.Moving forward, LG CEO Jung Ae Lee hopes to strengthen and sustain overseas business expansions. That means improving the brand portfolio, expanding distribution in China, and expanding in the U.S.
To strengthen its presence in North America, LG is focused on luxury beauty brands such as Whoo, Belif, CNP, and The Face Shop as well as Dr. Groot and Physiogel in mass markets.
