May 02, 2024

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[THE INVESTOR] Boosted by the leaping turnover of its higher-end cosmetics lines The History of Whoo and su:m 37 in Korea and overseas, LG Household and Health Care has reported a record high performance both for the second quarter and the first half of the year.

Its second-quarter operating profit jumped 34.1 percent to 225.4 billion won (US$220 million) and revenue came in at 1.55 trillion won, rising 18.5 percent from the same period last year, the company announced on July 26. 

LG Household and Health Care's luxury cosmetics brand Whoo

As for the first half, the LG affiliate’s turnover reached 3.07 trillion won with 458.9 billion won operating profit, another record for the company.

Cosmetics business contributed to the record performance of LG H&H, the country’s second-largest cosmetics company only after AmorePacific Group. Its luxury cosmetics brands Whoo and Sum largely contributed to the rise, expanding the sales of the segment by 56 percent.

Whoo’s second-quarter sales jumped 66 percent to 315.5 billion won, owing part of its success to China. The number of its counters in Chinese department stores increased to 140 in the period from 129 in the first quarter and the revenue rose 56 percent on-year in the country.

Its health and personal care businesses also grew, with operating profit increasing 6 percent to 37.4 billion won. The beverage unit’s operating profit inched up 2.8 percent to 35.2 billion won.

LG H&H split off from LG Chem in 2001 and through major M&As including Coca-Cola and The Face Shop, has grown to be one of the top 10 companies by total market value earlier this month.

By Hwang You-mee (glamazon@heraldcorp.com)