The KOSDAQ-listed company MA:NYO has seen its stock price rise during the day on the news that it has entered the U.S. retailer 'Target.'
As of 2:28 p.m. that day, MA:NYO traded at 18,430 won, up 980 won (5.62%) from the previous transaction. It even recorded a spike of 15.47%, peaking at 20,150 won during the day.
The naturalistic functional cosmetics brand MA:NYO has expanded its presence in local hypermarkets after entering the U.S. distribution channels, such as Costco and the health and beauty brand Ulta Beauty, leading to increased buying sentiment due to expectations of improved performance from the expanded offline distribution network. Target is one of the major retail brands in the U.S., operating about 2,000 stores nationwide.
MA:NYO will begin selling to local consumers this month at 1,788 stores, about 90% of all Target stores (based on pure cleansing oil). After announcing the news of its entrance the previous day, MA:NYO's stock closed up 5.12% from the previous transaction.
Earlier, MA:NYO made its debut on the global e-commerce platform Amazon, subsequently entering Costco and Ulta Beauty in July last year.
A representative from MA:NYO said, "Building on the strong sales at Costco and Ulta Beauty last year, we have expanded our sales channels to include Target this year," and added, "We will do our best to actively market our products locally through the expansion of mainstream channels."