Taekwang Group launched a new business by establishing the cosmetics brand "SIL."
On the 13th, Taekwang Group said it set up SIL, a standalone cosmetics subsidiary, to independently roll out a beauty brand. SIL is a wholly owned subsidiary of Taekwang Industrial. Kim Jin-suk, a new-business expert who worked at the global consulting group Kearney and Samsung Electronics, was appointed as the first CEO.
The new entity was created as part of Taekwang Industrial's new-business investment plan of 1.5 trillion won. Taekwang Industrial plans to target the cosmetics market with Aekyung Industrial Co., whose acquisition is set to close in Feb., and SIL as its two pillars.
SIL plans to unveil a premium skincare brand using patented ingredients in the first half of this year. It will expand touchpoints in collaboration with Taekwang Group's distribution and media affiliates. It also plans to enter overseas markets, including Japan and the United States.