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Korean Beauty Trends & Industry News: 24-02-05


South Korea Eases Regulations to Foster 'K-Beauty Tech' Growth

The South Korean government is considering regulatory relaxation to nurture the 'K-Beauty Tech' industry. During a meeting at Amorepacific's headquarters, Park Yoon-kyu, Deputy Minister of Science and ICT, unveiled plans to integrate artificial intelligence (AI) into the domestic beauty sector. The goal is to cultivate flagship companies capable of competing on the global stage with industry giants like L'Oréal.

Amorepacific has already embarked on developing various beauty tech technologies using AI, focusing on personalized service offerings. The meeting highlighted the need for regulatory easing to leverage facial data for beauty tech advancements. The current privacy policies pose restrictions on delivering AI-based services, as noted by representatives from Amorepacific. In response, Deputy Minister Park promised immediate action to resolve regulatory and data issues.

Beauty tech startups and AI companies have called for government support and consulting to address data acquisition and privacy concerns, anticipating a conducive environment for AI technology development. This initiative aims to enhance the global competitiveness of the K-Beauty and K-Digital sectors, driving innovation in the beauty industry. The government plans to actively support innovative cases in this field, helping domestic companies to lead the global market.


Acorn Shell Extract Recognized as International Cosmetic Ingredient

The National Institute of Forest Science in Jinju City announced that extracts from the acorn shells of the Quercus variabilis and Quercus acuta trees have been listed in the International Cosmetic Ingredient Dictionary (ICID) published by the Personal Care Products Council (PCPC). This recognition marks the extract as a new cosmetic ingredient with potential to replace safety data submissions for domestic functional cosmetics evaluation, enhancing its utility as a cosmetic raw material.

Research at the institute has verified the antioxidant effects and skin cell regeneration and healing properties of the acorn shell extract, leading to patent applications. Following the development of prototypes and international listings, this extract is anticipated to strengthen its competitiveness as an anti-aging and wrinkle improvement agent in functional cosmetics.

Dr. Choi Sik-won from the Forest Bio-materials Research Institute emphasized the significance of this listing, opening new possibilities for using acorn as a functional cosmetic ingredient. Further studies will aim to increase the value of domestically grown acorns.


Vegan Beauty Brand 'Dear Dahlia' Hits the Market

The luxury vegan beauty brand 'Dear Dahlia' is up for sale. Investment banking sources indicate that the management rights for Dear Dahlia’s operating company, Barun International, have been put on the market, with a minimum expected sale price of 100 billion KRW. Domestic and international private equity firms and cosmetics companies are considering the acquisition, viewing the small business's success in the luxury market abroad as positive.

Founded in 2017, Dear Dahlia has embraced a vegan and cruelty-free concept, avoiding animal-derived ingredients and animal testing. The brand has achieved significant success in European markets, including official entry into France's Galeries Lafayette and expansion to Italy, Germany, Spain, and Belgium through Douglas, which has over 1,900 stores in 19 European countries. It also ranked second in sales in the Middle East after Dior through the luxury cosmetics distributor Faces.

In a separate development, Morgan Stanley Private Equity (MSPE) announced the acquisition of the cosmetics company 'Skin Idea,' which owns global brands like Medipeel and Derma Maison. This acquisition is expected to accelerate Skin Idea's growth in the global market, with the company valued at 150 billion KRW. Morgan Stanley plans to collaborate with Skin Idea to achieve higher success in the global cosmetics market.
Location: 한국

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