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Korean Beauty Trends & Industry News: 23-09-04

Beauty poster by Pabby cosmetics

Record Highs Achieved: Korean Lipstick Exports Merge 'Lipstick Effect' with K-Pop Wave

From January to July this year, Korea's export of lipsticks and lip cosmetics reached an all-time high of $198 million, marking a 63.5% increase compared to the same period last year. In terms of weight, around 3,415 tons were exported, including 23 million lipsticks and 99 million items like lip tints, lip balms, and lip glosses.

The United States accounted for 42.2% of the export value, followed by Japan at 15.1% and China at 9.5%. Particularly, Japan saw a striking 170.7% growth year-over-year. Exports were shipped to a record 125 countries.

The surge is attributed to factors like the 'lipstick effect', where cheap products see increased consumption during economic downturns, easing of mask mandates, and the global spread of Korean culture. Trade analysts state these factors contributed significantly to the growth.

Stock prices for AmorePacific and LG Household & Health Care rose 18.3% and 13.2%, respectively, over the past month. Trade balances also recorded a surplus, and the performance for the whole of last year has already been caught up in just seven months.


Ministry and L'Oreal Kickstart Support for BeautyTech Startups

The Ministry of Small and Medium-sized Enterprises (SMEs) and French beauty giant L'Oreal have begun substantive cooperation to support beauty tech startups and SMEs. This move comes after the agreement signed last June in Paris. 

Their "Big Bang Open Innovation" program aims to discover promising companies and take them global. Projects will focus on personalized UV protection, Mixed Reality (MR) skin care devices, and skin improvement drug delivery, among others.

Selected companies will get the opportunity for joint ventures with L'Oreal and test their technology and services in Seoul and Paris. Additionally, the ministry will provide funding through its promotion agency.


New Ingredient Disclosure Guidelines Proposed by the Korean Cosmetic Association

The ingredient standardization committee of the Korean Cosmetic Association has proposed new guidelines, stating that solvents used in extracts must be disclosed separately. 

This is to enhance consumer knowledge and align with global trends. According to the new guidelines, solvents like 'Hexanediol' must also be disclosed. These standards will be applied to new products six months from now and to existing products two years from now.


P&K Enters the Color Cosmetics Market Through Subsidiary Konirica

P&K, a domestic skin application testing company, has launched a new subsidiary, 'Konirica Cosmetics,' to develop and release differentiated products in the color cosmetics market. Marco Nannini, a former lab director for a renowned Italian color cosmetics manufacturer, co-founded Konirica.

Nannini has a 20-year track record of successful product development and launches with major brands like L'Oreal, Estée Lauder, and Shiseido. With this expertise, Konirica aims to bring a fresh wave to the rapidly growing color cosmetics market in the post-pandemic era.

Konirica launched its 'High Glow Foundation' at the end of August and plans to expand its color cosmetics business to the Americas and Europe.
Location: South Korea

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