KUALA LUMPUR (Sept 11): Jewelry retailer Tomei Consolidated Bhd is tapping into Korean culture’s popularity and diversifying into cosmetic care, as it has secured the exclusive rights to distribute Korean skincare brands, The History of Whoo and belif, in Malaysia.
Tomei’s filings with Bursa Malaysia said it had formed a new wholly-owned subsidiary, Flawless Skin Care Sdn Bhd, with the latter having signed distributorship agreements with Korea’s LG Household & Healthcare Ltd (LG H&H).
“Flawless Skin Care shall hold the exclusive right for the products from LG H&H and shall engage in the sales of the Products in accordance with the Agreement, and shall use its best efforts to promote the products in Malaysia,” said Tomei.
However, Tomei added that the distributorship agreement is not expected to have any material contribution to its profitability for the current financial year ending Dec 31, 2014.
Tomei closed 2.5 sen lower at 62.5 sen today, with a market capitalisation of RM86.6 million.