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Biz News Korea(Eng)
SK Networks to tap into Japanese beauty appliance market
- Collected
- 2018.03.15
- Distributed
- 2018.03.19
- Source
- Go Direct
SK Networks said Thursday that it signed an agreement with Cado to set up a joint venture through which the company will market hair styling and other beauty appliances. SK Networks will own 49 percent stake in the joint venture and Cado 51 percent.
Cado, which was established in 2012, manufactures and sells upscale, small domestic appliances such as air purifier, humidifier and dehumidifier. It also runs a business in Korea.
Two companies plan to launch hair dryer in the fourth quarter this year and three additional hair styling appliances next year in Japan.
Japanese hairdressing market size amounts to more than 560 billion won ($525 million), eight times bigger than that of Korea, according to SK Networks. The Korean company expects the joint venture with Cado would help expand its presence in global beauty appliance market, starting with Japan.
At 11:14 a.m. Thursday, shares of SK Networks were down 1.07 percent at 5,900 won.
By Kang Doo-soon and Cho Jeehyun
[ⓒ Pulse by Maeil Business News Korea & mk.co.kr, All rights reserved]