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Korean Beauty Trends & Industry News: 23-12-06


Massive Cosmetic Industry Data Breach Affects Over 800 Companies

A significant data breach at the Korea Testing & Research Institute (KTR) has caused major turmoil in the cosmetic industry. Personal and confidential information of researchers and over 800 companies, including major Korean cosmetic firms like Amorepacific, LG Household & Health Care, and Aekyung Industrial, was exposed online. 

This breach included critical internal information like new skin treatment technologies, ingredients in sunscreens and mask packs, and plans for new product launches and international exports. 

KTR has taken emergency measures to block its website connection and is preparing apologies to the affected companies, though there has been no specific mention of compensation. This incident raises concerns about the competitiveness of Korean companies in the global market.


Polarization in Cosmetic Industry: Small Brands Thrive, Big Brands Struggle

The cosmetic industry is witnessing a polarization trend, expected to continue until 2025, where small brands are thriving while large brands are facing challenges. In the current high-cost environment, consumers are preferring cost-effective products from smaller brands over premium products. 

According to Eunkyung Park, an analyst at Samsung Securities, cosmetics optimized for e-commerce from small to medium-sized Korean brands are gaining global popularity. This trend is driving the growth of the domestic cosmetic industry, especially in markets outside China. 

Companies like TonyMoly, Able C&C, and Clio are showing notable growth, while giants like Amorepacific and LG Household & Health Care are struggling due to delayed recovery in the Chinese market and duty-free sector. In response, large cosmetic companies are adapting by acquiring smaller brands.


Revision of Natural and Organic Cosmetic Certification System, Expanding Consumer Choices

Representative Seo Jung-suk of the Health and Welfare Committee has proposed an amendment to the Cosmetic Act, aiming to abolish the government-led certification system for natural and organic cosmetics and promote a private, voluntary certification system. 

This change is intended to align the Korean cosmetic industry with global certification standards and rapidly respond to market needs and trends. The amendment seeks to enhance the global competitiveness of domestic companies and diversify the domestic and export markets for natural and organic cosmetics. 

If passed, this amendment is expected to broaden the range of natural and organic cosmetics available to Korean consumers, significantly increasing consumer choice.


Bionia's Hair Loss Cosmetic 'Cosmerna' Gears Up for Global Market Entry

Bionia's hair loss cosmetic product, Cosmerna, has been registered as a cosmetic with the Australian Therapeutic Goods Administration (TGA), following its approval in Europe, the UK, and Japan. This marks Cosmerna's readiness for sale in these regions. 

Last year, Cosmerna received the highest safety rating from Germany's Dermatest and has since been registered in European and British cosmetic portals. Bionia aims to use these global certifications to support its ongoing lawsuit with the Korean Ministry of Food and Drug Safety regarding the product's safety and effectiveness. 

With the global hair loss treatment market expected to grow, Bionia plans to increase its market share in major developed countries. The company is also preparing to adjust its domestic market strategy based on the upcoming court ruling.
Location: 대한민국

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