ONL Philippines

Money-losing Skinfood seeks court receivership amid suffering biz

Skinfood, a first-generation cosmetics brand that was one of South Korea's top three budget beauty brands in the late 2000s, filed for court’s receivership Monday on its poor financial condition.

The cosmetics company cited dwindling sales and accumulated debt as reasons for its mounting losses.

“Although the company is currently at stake in securing liquidity due to excessive debt, considering Skinfood’s unique branding and product competitiveness we believe the court restructuring and normalization of the business will benefit everyone, including the creditors,” the company said in a statement.

Skinfood entered the market in 2004 and quickly built a cult following with the unique concept of “delicious cosmetics made with delicious food.”

The company used food ingredients such as tomato, avocado, honey and gold caviar to manufacture skin, hair, body and make-up products, promoting its beautifying benefits.

It soon ascended in the market to No. 3 in terms of sales, following Missha and The Face Shop, recording 200 billion won ($176 million) of annual sales in five years after its launch.

The company, however, was hit by a sharp drop in the number of tourists following the Middle East respiratory syndrome outbreak in 2015 and a diplomatic row between Seoul and Beijing over a US missile defense program deployment in 2016.

According to the regulatory filing, the company has been losing money for four consecutive years since 2014, with sales dropping 25 percent on-year to 126.9 billion won as of last year. Its debt reached 43.4 billion won with 781 percent of debt-equity ratio.

Speculations have also mounted that Skinfood is set to close stores due to shortages in stock.

Earlier this month, Daegu District Court accepted a request of injunction against Skinfood’s parent company iPEERES Cosmetics factory in Anseong, Gyeonggi Province. The request was filed by Skinfood’s 14 contracted companies after Skinfood failed to pay up some 2 billion won for delivered goods.

Market watchers cite excessive branding competition in the already-packed budget cosmetics brand market as Skinfood’s financial woes continued.

“The market has been overflowing with newer and cheaper cosmetics brands which target young customers in their teens and 20s. With diversified online and offline sales channels, the conglomerate-backed companies have come to perform even better,” said an official from a beauty conglomerate who declined to be named.

Unlike local drug and beauty shops like Olive Young that run sales events nearly every month, Skinfood has stuck to its no-sale-promotions policy.

What’s worse was that the company’s overseas sales had dwindled four years after entering markets in 19 countries including the US, China and Japan.

As part of the company’s last resort to overcome the financial crisis, it partnered with Amazon Korea’s global sales division earlier this month and launched an official brand store on the Amazon US e-commerce platform.

Sales of its best-selling products such as black sugar strawberry mask wash off and egg white pore foam at Amazon’s Skinfood brand shop will help the company expand its global presence, the company said.

It also plans to work with US health and beauty drugstore brands like CVS Pharmacy and beauty select shop Riley Rose.

“In the long-term, the company will proactively respond to the changing online markets and strengthen the digital commerce division. We will also put efforts to restructure the profit models by realigning the stock and cutting ingredient costs,” said a Skinfood official.

By Kim Da-sol ([email protected])

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Pre-ORDER

- If you want to buy cosmetics, you can get cosmetics directly from Korea through pre-order.

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ETUDE HOUSE Zero Sebum White Sebum Clear

Manufacturer: Cosvision

Country of origin: Republic of Korea

Volume: 15ml

Major ingredients

Sugar polymers, cotton extract, Natural Protector (fermented soybean, willow, cinnamon, oregano, cypress, Portulaca oleracea, Scutellaria Baicalensis Root)
Product description

Melts excess sebum for clear skin with sebum use peeling.
Soft rolling texture to gently treat sebum for silky skin care.
Oil control sugar polymer and healthy skin care cotton extract gives soft skin care.
4 no addition (mineral oils, animal material, synthetic pigment, artificial flavors)
How to use

Apply onto sebum care needed areas gently and roll, rinse off with lukewarm water.

ETUDE HOUSE Baking Powder Pore Cleansing Foam

Manufacturer: Cosvision

Country of origin: Republic of Korea

Volume : 160ml

Product Description

Elastic rich baking bubbles gently melt onto skin for thorough cleansing.
Baking powder removes dust and all kinds of impurities thoroughly.
Fine baking powder granules scrub care removes dead skin gently.
Soluble on the water with soft cleansing baking powder to remove oil and dust thoroughly.
How to use

Use right amount onto hands, lather bubbles and massage gently to cleanse

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TONYMOLY Magic Food Banana Sleeping Pack

Manufacturer: Cosmax

Country of origin: Republic of Korea

Capacity: 85ml

Main Ingredients

Banana extract (10,000ppm), chamomile extract
Product Description

Sleeping pack with banana extract giving rich nutrition while sleeping.
Nutrition moisture care with chamomile extract gives honey moisture care skin.
Protect skin from stress and external environment for glowing healthy skin.
5-free (paraben, triethanolamine, benzyl alcohol, BHT, triclosan)
How to use

At night last step of skincare, apply right amount gently on the skin.

TONYMOLY Magic Food Banana Hand Milk

Manufacturer: Cosmax

Country of origin: Republic of Korea

Capacity: 45ml

Main Ingredients

Shea butter, banana extract (10,185ppm), milk protein extracts
Product Description

Hand milk with the banana extract that permeates skin and supplies rich nutrients without stickiness during sleep.
Gives nourishing and moisturizing care while shea butter and milk protein extract provide flexible skin.
Protect sensitive skin from stress and external environment to create healthy skin radiance.
5-free (parabens, mineral oil, triethanolamine, talc, benzyl alcohol)
How to use

After washing hands or whenever feeling dry, apply an appropriate amount to hands and spread evenly.

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ENPRANI WHITECELL Whitening Foam Cleanser

Manufacturer: ENPRANI

Country of origin: Republic of Korea

Volume：100ml

Ingredients

Exclusive ingredients (Smart Radiancell™)、YouthCell™、Moist Activator Complex™、enzyme (Papain and pro-melanin)
Product Description

Enprani's exclusive Whitening Ingredients Smart Radiancell ™ reduces the build-up of melanin in the skin and results in clear skin.
The white cell science system blocks the melanin step by step to maximize the whitening effect.
YouthCell ™ cleanses the skin's three-part texture (internal, external, hydrated) to create dense, smooth inside and outside skin.
Brightening Capsules containing Vitamin E derivatives with excellent antioxidant power help clean and smooth the skin and help absorb the brightening effect ingredients.
It is a brightening foam cleanser that cleanses the skin tone with a fresh feeling by eliminating the dead skin cells of papain and pro-melamine enzymes.
Moist Activator Complex ™ helps maintain moisture in the skin for a long time.
How to use

Take the appropriate amount into the palm, gently massage the face and rinse thoroughly with lukewarm water.
Order of use

ENPRANI WHITECELL Foam Cleanser
ENPRANI WHITECELL Skin Softener
ENPRANI WHITECELL Melanin-Out Serum
ENPRANI WHITECELL Emulsion
ENPRANI WHITECELL Dark Spot Corrector
ENPRANI WHITECELL Radiance Cream

RICHENNA PHARM ACCLUE KIT

Basic Infomation

Brand: RICHENNA

Place of Origin: South Korea

Tea Tree Oil, Canadian Willow Herb help to heal blemish prone skin!

[Special Features]

* Day Care Patch:

The round patch covers and cares a red pimple naturally during the daytime.

*Intensive Care Patch:

During the night, intensive care patch gives more deep care on your pimple. (New hydrogel patch)

*Acclue Soap:

Medicated acne soap 85g

[This kit contains]

DAY CARE PATCH 48ea, INTENSIVE CARE PATCH 10ea, ACCLUE SOAP 85g

[How to use]

Wash your face thoroughly and apply skin toner.
Take off the patch from its back film and use on a particular spot on your face.
Use it on for 8 to 12 hours.
Do not apply the patches several times on the same spot on your face.

Etude House Wonder Pore Freshner 500ml

Total Pore Care Solution 10 in 1

Deep Cleansing

Removing Sebum

PH Balance Care for maintaining ph4.5

Tightening Pores

Clear Skin

Enhancing Elasticity

Having Moist Finish

[Benefits]

Pore care solution also for lack of moisture skin.

Contains natural ingredients which are outstanding at tightening pores.

Maintain skin in PH4.5 condition.

For all of the skin type product.

6 FREE from harsh chemical ingredients.

AVEA Cat Skin-Time BB Cream Set

1. Real Bright-Up Cream (White) - 199P
2. Multi BB Action Cream - 199P
3. Multi Skin Tone-Up Cream (Pink) - 199P
* 3 SET - 499 PHP

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MISSHA M Perfect Cover BB cream SPF42 PA++

Recommended for :

- Those looking to hide blemishes and other imperfections
- Those who want high-coverage but a lightweight formula
- Those looking for a makeup product that provides wrinkle care and UVA & UVB protection, while brightening skin
- Those looking for a quick and easy way to achieve a more perfect complexion

TONYMOLY Luminous Pure Aura CC Cream SPF30 PA++

Manufacturer: TONYMOLY

Country of origin: Republic of Korea

Volume: 50ml

Ingredients

Elder flower extract, sunflower oil, Centella Asiatica extract, cherry blossoms extract, water lily flower extract, rose flower extract, lotus extract, safflower seed oil, Portulaca extract, and macadamia oil.

Product Description

All in one effect with sunscreen + whitening + wrinkle repairs + radiance + moisture + primer + base make-up.
Capsule changes color matching to your skin tone as soon as applied to offer innocent and gorgeous look to the bare skin.
Creates smooth and moisturizing skin.
All in one cream that takes care of skin care and make-up at the same time with moisture that remains for hours.
Pink flower complex delivers nutrition to skin to create gorgeous skin that is easy to be dull.
How to use

After your skin care, apply moderate amount with fingers all over the face.
Re-apply to cover flaws perfectly.

TONYMOLY BCDATION Plus (SPF30/PA++) 40g - #01 VANILLA BEIGE

Manufacturer: Cosmax

Country of origin: Republic of Korea

Volume:40g

Feature

All in one base BCDATION Plus provides compact and smooth skin.
Long lasting moist and gloss with four kinds of energy seeds capsule and collagen booster.
Contains 45% of moisturizing nutrition supply serum base.
Producing smooth and firm skin texture by reducing cover thickness.
Color Option

#1 Vanilla Beige

#2 Skin Beige

#3 Warm Beige

How to use

Apply adequate amount and gently spread out along with you skin texture.

TONYMOLY BCDATION BB Serum SPF30 PA++

Manufacturer: Cosmax

Country of origin: Republic of Korea

Volume:40g

Major ingredients

Argan tree kernel extract, blackberry extract, blue lotus water
Color

Product description

All in one base BCDATION Plus provides compact and smooth skin.
Long lasting moist and gloss with four kinds of energy seeds capsule and collagen booster.
Contains 45% of moisturizing nutrition supply serum base.
Producing smooth and firm skin texture by reducing cover thickness.
How to use

Use right amount to apply gently onto skin. Retouch on blemish areas.

[ETUDE HOUSE] New Zero Sebum White Sebum Clear

It melts lumps of sebum oil on face such as forehead/ nose/ and chin quickly to deliver clear skin.
It removes debris of sebum on the surface of skin for powdery and smooth skin.

How to apply
Evenly apply on areas with excessive sebum (skin between eyebrows, nose bridge, and under the chin).
Gently massage skin in a circular motion, and then wash off with lukewarm water.

2 Urbandolkiss Lipstick + COSLINE Lip Eye Remover = 500 Peos ONLY (SAVE 600pesos)

Urban Dollkiss Easylooks Soft Lipstick

Manufacturer: BCL

Country of origin: Republic of Korea

Volume : 3.4ml

Product Description

Pop color gives contour full lip express.
Argan oil, macadamia seed oil, and vitamin protect lips.
How to use

Apply right amount gently on the lips.

TONYMOLY Delight Tony Tint + COSLINE Blackbean Lip Eye Remover = 280 Pesos ONLY. :)

TONYMOLY Delight Tony Tint

Manufacturer: Kolmar

Country of origin: Republic of Korea

Volume: 8.3ml

Color

01. Cherry Pink
02 Red
03 Orange Chacha

Major ingredients

Rose hip oil, Jojoba oil, Argan oil

Product Description

Lip tint with 98% of moisture base.
Botanical oil prevents from drying and keeps moisture on lips.
Three vivid colors.
No benzophenone, no animality, no talc: Fresh and sweet fruit scent.


How to use

Apply right amount gently inward to outward.

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ENPRANI Daysys Royal Bee Emulsion

Manufacturer: Enprani

Country of origin: Republic of Korea

Volume : 200ml

Major ingredients

- Mature honey 1,000ppm, niacinamide, adenosine

Product Description

- Elastic emulsion with moisture skin gently with nutrition.
- Polyphenols and flavonoid rich and natural honey provides nutrition and healthy care.

How to use

- Pump and apply right amount gently onto skin.

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ENPRANI Daysys Royal Bee Skin Softener

Manufacturer: Enprani

Country of origin: Republic of Korea

Volume : 200ml

Major ingredients

- Mature honey 1,000ppm, niacinamide, adenosine

Product Description

- It is a highly concentrated elastic skin softener that delivers moisturizing and nutrition quickly to dry skin.
- Polyphenols and flavonoid rich and natural honey provides nutrition and healthy care.

How to use

- After face wash applies right amount and tap gently for absorption.