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Korean Beauty Trends & Industry News: 23-10-16


South Korea and UAE Finalize CEPA, Positive 'Duty-Free' Impact Expected in Cosmetics Industry

South Korea has finalized a Comprehensive Economic Partnership Agreement (CEPA) with the United Arab Emirates (UAE), marking the first such trade agreement with the Middle East region. This deal holds particular significance for the cosmetics industry. Within five years, tariffs on cosmetics will be completely eliminated.

This comes as a competitive advantage for South Korean beauty products, particularly since major regions like the U.S., Japan, and the EU have yet to establish FTAs or CEPAs with the UAE. Beyond cosmetics, the deal includes the lifting of tariffs on medical devices, agricultural and fishery products, and appliances, positively impacting a range of South Korean exports.

In the energy sector, tariffs on crude oil will be phased out over a decade, likely boosting cost competitiveness for industries that use petroleum as a raw material, including cosmetics. The formal agreement is set to be signed in the first half of next year, and it's expected to have a positive effect especially on the cosmetics industry.


Next & Bio, Kolmar Korea, KTR to Jointly Develop Advanced Alternative Testing Platform

Next & Bio, Kolmar Korea, and Korea Testing & Research Institute (KTR) have signed a three-way business agreement to jointly develop an advanced alternative testing service platform. This aims to replace animal testing for evaluating the safety and effectiveness of cosmetics and pharmaceuticals. The platform will be aligned with OECD test guidelines.

Next & Bio will leverage top-tier organoid technology for platform development. Organoids are "mini organs" or "pseudo-organs" considered as an alternative to animal testing. KTR will verify this platform, and Kolmar Korea aims to secure a method of testing cosmetics without using animals.

The companies' short-term goal is to develop an animal testing alternative platform using artificial skin organoids. In the long term, they aim to innovate testing methods for various diseases, including cancers. Animal testing for cosmetics is already being phased out in South Korea and Europe, and it's expected to extend to pharmaceuticals and health supplements.


Musinsa and Coupang Curate Massive Beauty Festival for Fall

This fall, Musinsa and Coupang are holding a major beauty sale event. Musinsa's sale will run from the 16th to the 25th in their specialized beauty section, offering discounts of up to 80% on more than 7,000 products from over 400 brands. First-time buyers will receive a 50% discount coupon, while existing customers will receive a coupon pack offering up to 20% off. Limited-time 30% off coupons will also be distributed twice daily.

Coupang is also conducting its 'Beauty Coupang Festival' until the 23rd, featuring around 600 brands and over 3,000 beauty products at discounts up to 80%. The sale includes a wide range of products from luxury to indie brands. Special daily deals at 11 a.m. include a 5,000 won ($4.50) discount coupon on a first-come, first-served basis. First-time buyers receive a 30% off coupon, and those paying with a Coupang card receive an additional 20% discount.

Both Musinsa and Coupang have carefully selected products ideal for the autumn mood and transitional skin care. According to company officials, they plan to continue offering seasonally appropriate beauty items at special discounts in the future.
Location: South Korea

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