By YOOJUNG LEE | Bloomberg | Published: December 28, 2020
Stars and Stripes is making stories on the coronavirus pandemic available free of charge. See other free reports here. Sign up for our daily coronavirus newsletter here. Please support our journalism with a subscription. Three years ago, Suh Kyung-Bae was the second richest person in South Korea. Today he s barely Top 10, a stark reversal in a K-beauty boom known for minting billionaires, not breaking them. Suh s $3.6 billion fortune down from roughly $8 billion in 2017 is largely comprised of shares in his family s cosmetics conglomerate, Amorepacific Group, which have fallen more than 40% from a mid-January high. The parent of brands like Innisfree, Laniege and Sulwhasoo, Amorepacific was struggling even before covid-19, and the pandemic has ushered in a slew of lifestyle changes that have made cosmetics less central to women s daily routines.
The Straits Times
The pandemic has taken a double hit on K-beauty.PHOTO: AFP
PublishedDec 28, 2020, 7:30 am SGT
https://str.sg/JRXf
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Once a Billionaire Factory, Korea’s Beauty Industry Turns Ugly
Bloomberg 12/27/2020 Yoojung Lee
(Bloomberg) Three years ago, Suh Kyung-bae was the second-richest person in South Korea. Today he’s barely Top 10, a stark reversal in a K-beauty boom known for minting billionaires, not breaking them.
Suh’s $3.6 billion fortune down from roughly $8 billion in 2017 is largely comprised of shares in his family’s cosmetics conglomerate, Amorepacific Group, which have fallen more than 40% from a mid-January high. The parent of brands like Innisfree, Laniege and Sulwhasoo, Amorepacific was struggling even before Covid-19, and the pandemic has ushered in a slew of lifestyle changes that have made cosmetics less central to women’s daily routines.
Celltrion to boycott JPMorgan healthcare conference
Posted : 2020-12-24 15:42
US investment bank also loses pension fund s trust
By Park Jae-hyuk
Celltrion has decided not to attend JPMorgan Chase & Co. s annual healthcare conference scheduled for next month, after coming into conflict with the U.S. investment bank over a series of recent controversial reports accentuating its negative outlook for the Korean pharmaceutical firm
On Thursday, Celltrion said it recently informed the host of its decision. The company added it will instead focus on the development of its COVID-19 treatment. Celltrion completed Phase 2 trials for its CT-P59 antibody treatment last month and will likely ask the health authorities for conditional approval for use before the end of the year.
Will COVID-19 treatment be Celltrion founder’s retirement legacy?
Results of phase 2 clinical trial of coronavirus antibody agent set to be unveiled |
Celltrion logo (Celltrion)
Late on the front of coronavirus vaccine development and procurement, South Korea is pinning hopes on one particular company to provide the much-needed relief in this dark, pandemic winter Celltrion.
The company is expected to announce in coming days results of its global clinical phase 2 trial of an anti-COVID-19 monoclonal antibody treatment candidate, CT-P59.
Celltrion’s media-friendly founder and chairman Seo Jung-jin has said plenty of times that its drug, if approved, would “put an end” to the country’s struggles with the deadly virus.