Korea Kolmar expands in Vietnam
Korea Kolmar has established a new unit in Vietnam recently, according to sources on Aug.19.
The Korean cosmetics maker injected around 10 million won ($8,260) in Hankol Healthcare Vina and plans to raise more funds by issuing additional shares worth 500 million won later this year.
Hankol Healthcare Vina will be selling mainly health beverages of CJ Healthcare, which Korea Kolmar acquired for about 1.3 trillion in 2018. Industry sources also say that the unit is likely to play a crucial role when it exports its drug Tegoprazan.
Tegoprazan, which is a treatment for gastroesophageal reflux disease, is the first novel drug developed by CJ Healthcare.
In 2018, CJ Healthcare signed a contract with Vietnam-based Vimedimex Medi Pharma to export the drug. According to the contract, Vimedimex Medi will be exclusively retailing Trgoprazan in Vietnam from 2021.
Meanwhile, former Korea Kolmar CEO Yoon Dong-han has been under public criticism since the beginning of this month for showing a politically controversial YouTube video to employees. It also triggered the local citizens to start a boycott campaign against the company’s products. Even after the chairman apologized and resigned last week, the company is still under pressure.
Established in 1990, the Korean cosmetics maker posted annual sales of over 1.35 trillion won last year.
By Song Seung-hyun (firstname.lastname@example.org)