History
The Face Shop was launched in December 2003 with one store in Myeongdong. The company's marketing is largely based on natural products. The CEO of 'TheFaceShop Co., Ltd.' is Jeong Un-ho (Hangul: 정운호). It opened its 100th store in June 2004 and became the third largest cosmetics company in South Korea in December 2005. It continue to expanded and entered the overseas market opening its 100th store in April 2006 and flagship store in Beijing in March 2008. There are stores in countries including Australia, Brunei, Canada, China, the Dominican Republic, Indonesia, Japan, Jordan, Malaysia, Mongolia, the Philippines, Singapore, Taiwan, Thailand, UAE, United States, Costa Rica, and Vietnam. As of April 2012, it has 930 stores in 22 countries.
In November 2009, the company was bought by LG Household & Health Care and became a subsidiary in January 2010. At the time of acquisition The Face Shop had annual sales of ₩250 billion with an operating margin of 19 percent. LG purchased a 90 percent stake with 70.2 percent from the biggest shareholder, Shepherd Detachering B.V., and 19.8 percent of the 29.8 percent from founder and president Jung Woon-ho. This amounted to a payment of ₩350 billion in total with ₩278.5 billion and ₩71.5 billion paid respectively.
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