Product Branding

Product branding is key to success in business. Global firms look for naming that has broad appeal.

Korea Times
More and more local companies are changing their corporate identities from Korean to English to appeal to overseas consumers in the age of globalization.

Already 28 of the 715 companies listed on the main bourse _ Korea Stock Exchange _ have adopted English names, while 23 of 925 registered companies on the tech-heavy Kosdaq have English titles.

Recently, Taepyongyang, Korea's No. 1 cosmetics and health care products manufacturer, announced a make-over of the company's name as the cosmetic giant converted itself into a holding company.

After 61 years of carrying the traditional Korean name, the company has adopted a new English name, ``AmorePacific Corporation.''

``Our goal is to become one of the top ten global cosmetic companies by the year 2015,'' said Shin Min-ho of AmorePacific Corporation. ``We will turn our sights now to global markets such as France, China and the United States with an aim of raising our overseas profitability from the current 10 percent to 30 percent of overall sales. Our identity turnover is, in part, to commemorate the company's 61st anniversary since its foundation in 1945.''

Ssangbangwool, Korea's leading underwear fashion company, has also joined the movement of corporate advancement and globalization by transforming its Korean name to an English one, ``TRYBRANDS, Inc.''

The company used its most noticeable and best-selling brand, ``TRY,'' which accounts for over 60 percent of company profits, for the re-birth of the company's identity.

``With the launch of the fresh ID, we will develop a variety of brands for consumers while strengthening our existing TRY brand,'' said Nathan Yi, CEO of TRYBRANDS, Inc. ``To become a multinational company, TRYBRANDS will emerge as a comprehensive fashion corporation by being future and global-oriented from just being an underclothes company.''

Mukunghwa, Korea's bath products manufacturer, also changed its Korean corporate identity to an English one, ``Huenco,'' combined from the first two letters of the English words: human, environment and cooperation.

NamyangAloe, Korea's cosmetic and health food producer, has become ``Univera.''

Hanwha and E.Land are among other local corporations considering altering their corporate identities to better appeal to global costumers.

Industry insiders claim companies nowadays are trying to wash away their old images and introduce new faces with different and unique brands to attract local and global consumers. But experts stress the importance of managing new identities by effectively communicating with global consumers after creating that identity.