South Korean brand TonyMoly to expand in China

South Korean cosmetics brand TonyMoly has announced plans to expand in China.

It estimates to generate$230m worth of sales in the Chinese market this year.

TonyMoly chairman Bae Hae-dong was quoted by Koreaherald.com as saying: "We plan to focus on our business in China starting this year, as we have concluded the two-year legal dispute with our local distributor."

The brand was established ten years ago. Last year, it went public and has been able to make presence in in Europe and the US over the last few years.

It is now aiming to expand in China and other markets in South East Asia.

He was quoted by koreatimes.co.kr as saying: "We will continue to expand research and development to introduce a number of best-selling beauty products and boost customer satisfaction."

TonyMoly recently opened its first flagship store in Shanghai, China. The company has 60 outlets in the country, all of which are operated by local retailers.

It intends to increase this to 200 stores by the end of this year.