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Korean Beauty Trends & Industry News: 24-04-08

K-Beauty Sets a New Global Export Record

    Korean cosmetics have achieved a new quarterly export record of $2.3 billion, a 21.7% increase compared to the same period last year. This surge is attributed to the global popularity of K-Beauty, fueled by the Korean Wave and the exceptional quality of a wide range of products, including skincare essentials like lotions and sunscreens, to color cosmetics like lipsticks. 

Notably, even in an economic downturn, lip products have seen high consumer satisfaction, and sunscreens have been a significant export driver. Diversification beyond the Chinese market to include the U.S., Japan, and Vietnam among the 175 countries is a key factor in this growth. 

The global embrace of K-Beauty, coupled with continuous innovation and product development by Korean companies, signifies a strong position in the global beauty market.


The Resurgence of Cosmetic Roadshops Through Global Market Expansion

    First-generation Korean cosmetic roadshops are charting new growth trajectories through proactive expansion into domestic and international markets. Emerging from the economic downturn, these brands have successfully diversified their market presence, moving beyond their previous reliance on Chinese group tourists (Youkers). Notable brands such as Missha, TonyMoly, It's Skin, LG Household & Health Care's The Face Shop, and AmorePacific's Innisfree and Etude House faced significant challenges during the THAAD missile defense system controversy and the COVID-19 pandemic. Despite these challenges, they sought new opportunities within and outside Korea.

Significantly, these brands have overcome domestic market challenges and turned their gaze abroad, extending their business reach to the U.S., Japan, Southeast Asia, and Europe. This indicates that the superior quality and cost-effectiveness of Korean cosmetics are recognized in the global market as well.

Last year, ABLEC&C and It's Skin reported notable growth rates, while AmorePacific's subsidiary, Etude House, saw a significant increase in operating profit. TonyMoly achieved profitability for the first time in seven years, with all brands showing positive performance. This success can be attributed to these roadshop brands' aggressive entry into the global market and their efforts to cultivate new consumer segments.

Industry insiders emphasize that these roadshop brands are speeding up their global market strategies, leveraging the quality and value of Korean cosmetics to gain international popularity. Furthermore, such strategies are expected to contribute to the long-term expansion of the brands and the sustainable growth of the Korean cosmetics industry.

Thus, the successful comeback of cosmetic roadshops through global market expansion presents a positive outlook for the future of the K-Beauty industry, offering significant motivation for Korean cosmetic brands to explore growth opportunities in new global markets.


Government Supports K-Beauty's Global Expansion with Comprehensive Regulatory Information

    The Korean Ministry of Food and Drug Safety, in collaboration with the Ministry of Government Legislation, is ramping up efforts to support the global expansion of Korean cosmetics by providing comprehensive regulatory information. 

This initiative aims to assist Korean beauty companies with essential information on licensing procedures, advertising standards, and safety management obligations across key export markets such as China, the U.S., and the European Union. The "Global Regulatory Harmonization Support Center" will offer updated regulatory information, while the COSBOT chatbot will enhance consultation services with AI technology. 

Additionally, a new "K-Beauty" section on the World Legal Information Center website will make it easier for companies to access necessary legal information in 15 countries, facilitating smoother entry into global markets.


Hyundai Home Shopping Partners with LVMH Beauty to Strengthen Luxury Cosmetics Offerings

    Hyundai Home Shopping has entered into a strategic partnership with LVMH Beauty Korea to enhance its ecommerce segment's competitiveness in luxury cosmetics. This collaboration will introduce LVMH's luxury beauty and fragrance brands, including Givenchy, Guerlain, and Benefit, on Hyundai's official online mall, Hyundai H Mall. 

The partnership will focus on exclusive product launches, co-marketing efforts, and specialized live commerce broadcasts, aiming to solidify Hyundai Home Shopping's position as a premium channel for luxury beauty products. 

This move is expected to increase consumer access to high-end beauty items and enrich Hyundai Home Shopping's luxury product lineup.
Location: 한국

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