Adrian Cheng, 37-year-old scion of the world’s largest jewelry retailer, said he will use his company’s extensive retail network in mainland China to help boost domestic sales of Korean cosmetic products.



The grandson of Hong Kong’s billionaire tycoon Cheng Yu-tung, who founded business group Chow Tai Fook Enterprise, decided last year to invest 18 billion won ($16 million) in Korean firm It’s Skin via the group’s subsidiary New World Development Company, where he serves as executive vice chairman. New World Development Company is a property developer and department store operator.





He doubles as executive director at another subsidiary Chow Tai Fook Jewellery Group, the world’s largest jewelry store operator, which has 2,300 outlets in mainland China alone.“If It’s Skin launches in every store, the products will be immediately available in 2,300 shops in China. This is the potential,” Cheng told reporters at a hotel in Seoul on Friday.“I have 43 department stores. If I open 43 It’s Skin counters covering 20 cities, it will be the most well-known (Korean cosmetics) brand in China,” he said.Best known for its snail slime cream, It’s Skin is the nation’s No. 4 cosmetics maker under Hanbul Cosmetics.Cheng was talking about his plan hypothetically because the Korean firm’s snail cream lines are still awaiting approval from the Chinese Food and Drug Administration for direct sales in the mainland. However, snail creams are already available at online shopping malls in China.To boost online sales first, New World Development will open mini display shops of It’s Skin, within Chow Tai Fook jewelry outlets in Chongqing and Guangzhou in May, where Chinese consumers will be able to test the products and order them through the mobile application of HOKO Mall.“We can send samples (of It’s Skin products) to our 6 million VIPs,” said Cheng, adding that the Korean brand can save advertising costs in China.The Chinese government’s recent reduction of tariffs on skincare imports from 50 percent to 11.9 percent on items priced higher than 100 yuan ($15.45) will be also beneficial to the Korean cosmetics brand, Cheng said.The reason behind his investment decision was simple. He is crazy about Korean cosmetics.“Korean cosmetics are the best for me, personally. I love cosmetic and skincare products from Korea. They know what Asians need,” he said.Cheng said he is looking into a wide range of sectors in Korea for future investments or collaborations with Korean companies. Such sectors include technology, culture, wellness and pharmaceuticals, he said.He also expressed interest in Songdo International Business District, near Incheon, in terms of property and development.By Kim Yoon-mi ( yoonmi@heraldcorp.com