The American debut of Whoo is part of the company’s push to turn things around after enduring two difficult post-COVID years.
In her New Year’s address on January 2, CEO Lee Jung-ae affirmed the South Korean consumer goods company was in a critical phase.
“2024 should be a turning point year for our LG H&H, shedding the stagnation of the past two years and ushering in a new era of growth.”
Since taking on the role of president and CEO of LG H&H in November 2022, Lee has been seeking growth to reverse the company’s profit slump over the past two years
Lee, the first female CEO in the company’s history, replaced Cha Suk-yong, who led the firm for 18 years before stepping down.
Established in 2003 as The History of Whoo, the luxury beauty brand focuses on traditional Korean ingredients and formulations inspired by the beauty secrets of the royal court during the Joseon Dynasty.
As one of its flagship brands, Whoo is considered to be imperative to the company’s global ambitions.
“We will continue the rebuilding of The Whoo, expanding its distinctive efficacy value, emotional value, and experiential value. To enhance its position as a luxury brand, we aim to upgrade the brand image with valuable and rich content,” said Lee.
As part of the brand facelift, Whoo launched a new Cheongidan serum for the first time in 13 years. The new serum, Cheongidan Pro, was enhanced with a new formula and new packaging.
It was introduced with a global launch event held in Shanghai, China. The relaunch aimed to “expand customer based by being trend-sensitive while retaining The Whoo’s unique heritage”.
Previously, CosmeticsDesign-Asia reported that the company was also preparing to pushing two more luxury brands, SUM:37 and O’HUI for expansion.
In addition to Whoo, Lee highlighted the potential of the firm’s other brands, including Belif, CNP, and The Face Shop.
She noted their importance in capturing consumers in the millennials and generation Z demographic brackets and said the company was working to expand the three brands internationally.
Lastly, Lee highlighted the international potential of its mass market portfolio, which consists of brands such as Physiogel and Dr. Groot.
Today, most of the brands in this portfolio are primarily concentrated domestically and regionally to a smaller extent.
Lee affirmed that the company will expand its investments into these brands and push for international expansion.
Turning point
During her address, Lee emphasised that the firm’s goal for 2024 was “growth transformation”.
She clarified that the firm’s goals go beyond short-term success achieved through internal efforts without future investment.
Instead, it involved an ongoing process of preparing for the future, aiming to shift the overall direction of business performance towards a positive and upward trend.
Kick-off 2024 by discovering the trends shaping the next generation of beauty consumers. Join us at the Beauty Forward 2024 digital summit taking place January 29 to 31. Register here for FREE now.