South Korean fast moving consumer goods giant Lock&Lock has revealed that it plans to launch a new research and development center in China in 2011 and to develop 1,000 new products every year to meet the demands in the Chinese market.
Lock&Lock Company Limited is named after its star product: plastic containers. Since its establishment in 1978, Lock&Lock has grown into a global company that exports its products — Lock&Lock containers with a four-sided interlocking system — to more than 100 countries worldwide. In 2004, Lock&Lock set up a branch in Shanghai and in 2009, its sales in the Chinese market exceeded its domestic South Korean market, reaching over USD300 million.
An Bingguo, president for Lock&Lock Greater China, told local media that the company will not focus on the single brand and has been transforming to a full-line product provider. It will not only enhance its development of direct stores, but also will strengthen its research and development in China.
An said Lock&Lock hopes to show more brands to the Chinese consumers and make these brands become necessities in consumers' lives.