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Korean Beauty Trends & Industry News: 23-10-13


The 15th K-Beauty Expo Korea Showcases a Stunning Array of International Participants

The 15th K-Beauty Expo Korea is set to take place from October 12th to 14th at KINTEX in Goyang City, Gyeonggi Province. This year's event is bigger than ever, boasting a 120% growth compared to last year. A total of 330 companies from 12 different countries will participate, filling 720 booths where visitors can discover a wide range of beauty-related enterprises and products.

In addition to the main expo, various noteworthy side events are scheduled. These include a beauty trends seminar called 'K-Beauty Expo Insight Concert,' an export consultation session with overseas buyers, and a purchasing consultation with domestic distribution MDs. Celebrating its 15th anniversary, the event will also feature a 'BeautyFull' charity event, planning to donate sponsored products to girls from low-income families.

COVID-19 had previously restricted international participation, but this year the export consultation sessions are reinvigorated. Over 100 invited overseas buying companies and 350 self-registered buying companies have confirmed their attendance, highlighting the global interest in K-Beauty.

Participating domestic distribution companies include well-known names like Naver, Shinsegae International, Lotte Home Shopping, 11st, and WeMakePrice. Open seminars will feature talks from global TOP speakers including singer Hong Jin-young, crowdfunding platform Wadiz, beauty industry streamers, Alibaba.com, and Amazon.

The event is going eco-friendly; paper invitations have been replaced by mobile invites, and participating company information will be provided through an online directory.


Boosting Small Beauty Brands: W Concept and Seoul Business Agency Launch 'Autumn Beauty' Campaign

The fashion platform W Concept, in collaboration with the Seoul Business Agency (SBA), announced they will conduct a 'Beauty in Seoul' campaign from October 12th to 19th. This campaign follows a business agreement made in July aimed at discovering and supporting small and medium-sized beauty brands. Themed 'Autumn Beauty,' the campaign will promote over 100 Seoul-based beauty brands and offer various promotions.

The campaign is cooperating with beauty YouTuber 'Anda' to showcase a variety of fall makeup products, face masks, base makeup, and color cosmetics. Brands like Proeight, Naming, Mood, and Pibeu will be available at discounted prices, and 25% discount coupons will be issued.

W Concept has also prepared exclusive promotional products for beauty shoppers, including 'Si Moment V Lifting Roller Cream Set' and 'Milk Touch Kwalsa Set.' New members who join W Concept by the 14th will receive a 50% discount coupon for their first beauty purchase and sequentially numbered 15% and 18% discount coupons applicable to all beauty products.

The W Concept Beauty & Life Team leader expressed that through this event, they aim to raise awareness of excellent K-beauty brands and enhance their category competitiveness. Concurrently, they are running a special event called 'Monthly Beauty October: Autumn Trend Beauty.'


2023 Osong Cosmetics & Beauty Industry Expo Goes Fully Offline for its 10th Anniversary

The 2023 Osong Cosmetics & Beauty Industry Expo is set to take place from the 17th to the 21st of this month at the Osong Life Science Complex in Chungbuk, South Korea. Marking its 10th anniversary, the event will be fully offline for the first time in three years due to the COVID-19 pandemic. Initially planned to be hosted outdoors near Osong Railway Station, the venue was shifted to the Osong Life Science Complex.

The Expo will feature various sections including Corporate, Business, Beauty Garden, and a Main Stage. Additionally, beauty competitions and international cosmetic conferences are scheduled. The event is enhanced with food trucks, photo zones, and the Osong Perfume sculpture, offering an engaging experience for all five senses.

This year's event will also see representatives from Vietnam and Indonesia, as well as beauty influencers, in attendance. Integrated booths will facilitate product promotion and sales, with influencers from Vietnam actively promoting on-site.

The event aims to serve as a robust platform for genuine buyers, having undergone a strict verification process. It is viewed as an excellent opportunity to experience and purchase high-quality domestic cosmetics. To date, 1,654 companies have participated, securing export contracts worth 810 billion KRW.

The primary goal of this year's Expo is to help small and medium-sized enterprises in the cosmetics industry break into foreign markets. It promises to be a beneficial time for both exhibitors and visitors.


Subway Stores: From Golden Goose to Falling Out of Favor in the Cosmetics Industry

Once considered a 'Golden Goose,' subway stores are now increasingly falling out of favor in the South Korean cosmetics industry for several reasons.

Firstly, factors like COVID-19, China's THAAD retaliation, and remote working have led to a decrease in demand for cosmetics. Secondly, the domestic cosmetics market is shifting towards online and Health & Beauty (H&B) stores, weakening the competitive edge of physical stores.

Thirdly, high rent is becoming a significant burden. The average monthly rent for a ground-level shop in Seoul is around 4.08 million KRW, whereas the rent for subway stores is 3-5 times higher. Consequently, several cosmetic brands have failed to secure rental contracts at stations like Sangsu, Gongdeok, Hwarangdae, and Sangdo.

Over the past five years, the number of franchise outlets in the cosmetics sector has dropped by 61.6%. This shift has led to an industry-wide transition towards an online-focused business model. Large brands and corporate franchises are also withdrawing from subway spaces.

Moreover, the Seoul Transportation Corporation launched a shared office space initiative in 2021, making the location less attractive for cosmetic shops. Cosmetic companies are now focusing more on expanding their online businesses or entering other franchises to increase revenue. All these factors contribute to the diminishing appeal of subway stores in the cosmetics sector.
Location: South Korea

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