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Korean Beauty Trends & Industry News: 24-11-01


K-Beauty Boosts South Korea's Small Business Exports to New High in Q3

    South Korea’s small businesses hit a record-breaking export figure in Q3 of 2023, up 5.9% year-over-year to $28.47 billion (approximately 39 trillion KRW). Despite a dip in September due to holiday schedules, key products like cosmetics, electronics, and clothing saw a strong boost, with online sales reaching an all-time high of $290 million. Notably, K-Beauty exports to the U.S. surged by 43.6%, reaching $1.7 billion, driven by broader reach into the Middle East and Europe.

Auto parts, semiconductor equipment, and other products also performed well, with the U.S. recording a fifth consecutive quarter of export growth, particularly in cosmetics and electrical equipment. While exports to China declined, exports to Japan saw growth for the first time in eight quarters, spurred by strong sales in cosmetics and petroleum products. As global uncertainties in the Middle East could impact South Korean businesses, the Small and Medium Business Administration (SMBA) intends to monitor and respond to ongoing conditions.


Cosmax and Seoul National University Partner to Drive Leading Edge in K-Beauty Tech

    Cosmax is collaborating with Seoul National University to advance a second-phase, $6 million R&D initiative designed to revolutionize K-Beauty through "Culture Technology" (CT). Set over the next five years, this partnership will integrate AI and big data analytics with South Korea’s distinctive aesthetics to establish advanced beauty trends that could redefine K-Beauty on a global scale.

This phase prioritizes creating technology to tackle persistent industry challenges, such as skin aging and stabilization of ingredients like retinol and vitamin C. Initiated in 2019 with the formation of the Technology Incubation Center (TIC), the first phase successfully yielded 21 patents and brought 57 products to market, generating over $500 million in cumulative revenue. Experts from across Seoul National University’s ten departments are contributing to the project, emphasizing the importance of multidisciplinary research in establishing new benchmarks for beauty and wellness technology.


LG Household & Health Care Partners with Draper Startup House to Cultivate Global Beauty Tech Startups

    LG Household & Health Care has joined forces with Draper Startup House (DSH) to foster global innovation in beauty tech startups through an “open innovation” program. Launching on November 1 in Seoul’s Garosu-gil, the new Draper Startup House Korea Center will function as an incubator and networking hub for beauty tech startups. The center is set to provide guidance in technology, marketing, and overseas market entry, drawing upon experts from various sectors.

The joint program, "LG-Draper Startup Program," will identify and support promising beauty and consumer goods startups aligned with LG’s vision, including a dedicated beauty track in DSH’s competition series, “Meet the Draper.” DSH, founded by Silicon Valley icon Tim Draper, operates across 20 countries, offering a strong foundation for global startup success. Both LG and DSH anticipate this partnership will yield a valuable pipeline of high-potential startups ready for rapid growth and global collaboration.

Location: 한국

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