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Korean Beauty Trends & Industry News: 23-09-27


FDA Flags Violations in Companies Using Stem Cell Cultures: Warns Consumers

The South Korean Food and Drug Administration (FDA) conducted safety inspections on cosmetic companies that utilize human-derived stem cell cultures as ingredients. As of September 27, 2023, out of 36 companies, three were found to have failed to maintain safety records and were recommended for administrative action. 

The FDA has strict safety standards for these types of ingredients, and companies in violation can face severe legal repercussions.

Previously, in 2019, the FDA inspected 3,562 online stores selling stem cell-promoted cosmetics and found 1,133 sites in violation, primarily for misleading or exaggerated advertisements. The FDA has cautioned consumers against being swayed by false or misleading information. 

Specifically, products that use stem cell culture but advertise themselves as stem cell cosmetics were pointed out as problematic.

The FDA aims to use these inspections as an opportunity to enhance safety and transparency in the cosmetics industry for both companies and consumers.


LG Health Acquires MZ-Favored 'Hince' for $360M, Targeting Makeup Market

LG Health has acquired 75% of BevWave, the company that owns the makeup brand 'Hince,' for approximately $360 million. Launched in January 2019, Hince is known for its natural shades and classic design, capturing the MZ generation (those born between 1981 and 2010). The brand has popular products like 'Second Skin Foundation' and 'True Dimension Radiance Balm.'

BevWave's revenue last year was about $185 million, with equal distribution between domestic and international markets. On social media, Hince boasts 212,000 followers in Korea and 83,000 in Japan.

With this acquisition, LG Health aims to bolster its makeup portfolio, expand into the makeup market where it has traditionally been strong in skincare, and target the MZ generation. Global opportunities in Asia and North America are also being explored. According to Euromonitor, the global makeup market is valued at around $73 billion and is expected to grow to around $108 billion by 2027.


Korean Health Promotion Opens Cosmetic Stores in UAE and Chile

The Korea Health Industry Development Institute is set to open new cosmetic stores in the United Arab Emirates (UAE) and Chile. The UAE store will be located in Dubai's Burjuman Mall, while the Chilean store is set to open in Santiago's Providencia at the end of October.

Both countries have shown positive indicators in the cosmetics market. UAE's cosmetics market has been steadily growing, with a 35.6% year-over-year increase in Korean cosmetics exports. Chile has the highest purchasing power in Central and South America and an increasing demand for skincare products.

The initiative is part of a program to support small and medium-sized cosmetic companies in entering foreign markets. Services like product promotion and buyer matching will be offered. The initiative has helped with 3,572 product approvals and 1,582 buyer matches since its start in 2012.

Officials are focusing on expanding exports to the Middle East, North Africa, and Central and South American markets, and plans to strengthen their support activities.
Location: South Korea

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