Korean cosmetics brand TonyMoly has appointed a new CEO. Yang Chang-soo joins the company from Shinsegae International. He served as Vice President of its VIDIVICI cosmetics brand until last year.
In July earlier this year, TonyMoly launched an initial public offering, pricing its share in a band from 26,400 won to 30,200 won. A total of 45.39 million shares were offered. The funds raised were due to be used facilitating the company’s expansion into China and other international markets.
TonyMoly is currently the fourth largest cosmetics manufacturer in Korea in terms of sales, after LG Household & Healthcare’s The Face Shop, AmorePacific’s Innisfree and Able C&C’s Missha. Its products are available in a total of 20 countries. It has recently reported double-digit growth in Hong Kong, the US and Russia.
In a statement, TonyMoly commented: “After the IPO, in order to cement our status as global cosmetics makers, we have tapped Yang who has great credentials in marketing and sales.”
The company added: “While working in the cosmetics industry for a long time, he has earned a reputation as someone who can ratchet up a brand’s potential in a short time through various innovative marketing campaigns.”
Yang is the fifth new CEO appointed at TonyMoly within the past two years. His predecessors have included two former AmorePacific staff. Rumours of conflict with TonyMoly Chairman and Founding President Bae Hae-dong have circulated. He held the CEO position most recently as an interim measure after Ho Jong-hwan left.
TonyMoly is a medium-sized company and was founded in 2006. Last year the company reported 310 billion won in sales across its 600 offline and online outlets.