NewOn Completes Acquisition of Sallim Baekseo Brand... "A New Start as a Global Life Care Company"

NewOn announced on the 1st that it has completed the business acquisition contract for Salim Baekseo and the transfer of the brand and business rights. The transfer procedure for Naver Smart Store, currently Salim Baekseo's largest sales channel, has been completed and reflected in sales since June. Other online distribution channels such as Coupang and Kakao Gift will also be sequentially transferred.

NewOn plans to conduct extensive promotional marketing targeting approximately 1.07 million loyal customers of Salim Baekseo's Naver Smart Store (as of the 1st) to strengthen brand power along with Tunteun Baekseo and Pibu Baekseo. Applying the philosophy of selling health functional foods that customers can trust, the company aims to provide customers with reasonable prices and reliable products.

Jongjin Lee, CEO of NewOn, said, "With the completion of the acquisition of Salim Baekseo's brand and business rights, NewOn has begun a new start as a global lifecare company. Although the sale of health functional foods (HFF) centered on individual recognition ingredients approved by the Ministry of Food and Drug Safety was the main business area, the acquisition of the Salim Baekseo brand will enable successful business expansion including Tunteun Baekseo (HFF) and Pibu Baekseo (cosmetics)."

He added, "NewOn is actively targeting overseas markets such as China, the United States, Australia, Europe, and Southeast Asia to fully transform into a global lifecare company. Visible results are expected in overseas markets within this year, and we will achieve significant sales growth through the launch of the Tunteun Baekseo and Pibu Baekseo brands."

Meanwhile, the two representatives of OrganicK, the owner of the Salim Baekseo brand, conducted a third-party allocation paid-in capital increase worth 3 billion KRW on the 24th of last month. The company explained that this is not simply an acquisition of the Salim Baekseo brand and business rights, but a move to maximize the enhancement of the Salim Baekseo brand value and external growth by combining the know-how of both companies.