KOREA’S largest cosmetics company has closed after six decades in business.
The cosmetics and home decor company SK Holdings Ltd.
announced Tuesday that it will close its flagship store in the capital Seoul and move to a new store in Seoul.
The company said it will be renamed and its brand name changed to SK Holdings in honor of former President Park Geun-hye, who died in May.
The Seoul-based company said that it would keep operations in the former Park’s former home city of Seoul and its former campus at the Korea University of Science and Technology in the South.
The closure of the new SK Holdings store in downtown Seoul is the second time that the company has shut down in South Korea.
In April, the company announced that it was closing the brand’s flagship store, a mall in Seoul, as it moves to the former headquarters of the company in Seoul for operations.
The move was also the second closure of a SK Holdings-owned store in South Korean history.
The company said in May that it had closed its flagship shop in Seoul’s busy Seoul subway station, as well as the former Seoul University campus.
In a statement, SK Holdings said it was “deeply saddened” by the loss of the business.
“The decision to close SK Holdings was made after considering the various factors including the strong competitive environment and the high demand for our products,” the statement said.
“We will continue to operate as a private company.”
The company had been operating under SK Holdings for more than 50 years, and was one of the largest cosmetics companies in the world.
The SK Holdings name, once synonymous with the cosmetics industry, has also become synonymous with South Korea as well.
SK Holdings, a cosmetics company owned by SK Holding Corp., is the world’s second-largest cosmetics company behind Gillette International Inc. It also holds a 25 percent stake in the Korean cosmetics brand, Korea Cosmetics.