South Korea's major online company NHN Corp.'s online shopping platform NHN Commerce announced on Tuesday that it has acquired domestic cosmetics brand WLab. Following the acquisition, NHN Commerce plans to sell WLab's flagship products such as cushion pact and sunscreen in the Chinese market.
WLab has already achieved sales of over 2 billion won ($1.5 million) during Chinese Singles' Day in November 2021, by entering into major Chinese online shopping malls such as Tmall, Taobao and JD.com.
"Based on NHN Commerce's distribution know-how in China and WLab's outstanding product competitiveness, we will be able to meet the K-beauty demand of the Chinese," NHN Commerce CEO Yoon-sik Lee said. "especially ling ling hou generation(Chinese born after 2000) would be the main consumers in the Chinese market," he added.