VT GMP Reports 16.7 Billion KRW Operating Profit in Q3 Cumulative, Up 154% Year-on-Year

[Asia Economy Reporter Jang Hyowon] VT GMP announced on the 12th through a public disclosure that its consolidated cumulative sales reached 143.1 billion KRW and operating profit reached 16.7 billion KRW up to the third quarter of this year, showing significant growth along with the growth of VT Cosmetic, the company's cosmetic division. This represents a 73% increase in sales and a 154% increase in operating profit compared to the previous year.

During the event periods of Japan's leading online shopping channels 'Qoo10' and 'Rakuten', VT Cosmetic's core item, the ‘Cica Daily Soothing Mask’, ranked first in the comprehensive product category ranking, and interest and response from the Japanese market continued into the third quarter.

VT Cosmetic's efforts to target offline channels in Japan are also ongoing. The company is expanding its cosmetics in major variety stores and drugstores such as ‘LOFT’ and ‘Plaza’, which are among the top variety stores in Japan, and ‘Welcia’, Japan's largest drugstore with over 2,000 stores nationwide, while continuously expanding the offline market and strengthening marketing.

Additionally, starting with the teaser release of VT Cosmetic's Japanese model on the 8th of this month, related events and promotions will be conducted to further increase impact.

The Chinese market appears to have weakened somewhat due to a slowdown in consumption and increased interest of Chinese consumers in C-beauty, which has somewhat diminished the influence of K-beauty. Although Chinese MZ generation consumers prefer domestic brands and the position of K-beauty is shrinking, VT GMP plans to strengthen competitiveness and expand market share by launching the new ‘PRO CICA’ line, a new line of ‘Cica’ that obtained Chinese hygiene approval last September.

Furthermore, VT GMP announced that it was selected as the lead research institution for the ‘2021 Tech-Bridge Utilization Commercialization Technology Development Project’ hosted by the Small and Medium Business Technology Information Promotion Agency on the 4th, participating in the development of lithium-sulfur battery technology, a next-generation battery, and signed a business agreement to utilize microalgae for carbon reduction at hydrogen fuel cell power plants, indicating that its new business division is progressing smoothly.