VT GMP "Duty-Free Channel Reorganization... Expecting Sales Increase"

[Asia Economy Reporter Yoo Hyun-seok] VT GMP, a KOSDAQ-listed company, announced on the 24th that it is achieving external growth through business diversification and increased sales of its cosmetics division brand, VT Cosmetic.

VT Cosmetic experienced explosive sales growth in duty-free channels following a recent restructuring of the relatively sluggish duty-free market last year, as well as in Chinese online channels. A company representative stated, “As of the 22nd, average daily sales in the duty-free channel increased sharply by 65% compared to the previous month, demonstrating growth despite the challenging conditions caused by COVID-19.”

The representative explained, “Due to the spread of the COVID-19 virus in China last month, the online distribution market was activated in contrast to the offline market, resulting in increased demand for our main products such as the Cica mask pack. This is the result of continuous investment in online marketing in the Chinese market.” He added, “Our positive brand image was strengthened through social activities such as donating 35,000 KF94 masks to Hangzhou First People’s Hospital in China on the 31st of last month. We will continue our growth momentum with the launch of new products in the Honey Glow line and Moisture line to achieve this year’s sales targets.”