K-Beauty businesses take on the global market

K-Beauty businesses take on the global market

ARIRANG NEWS

Many Korean celebrities are admired for their seemingly effortless beauty and clear, radiant skin with 'barely there' make-up. Countless bloggers and cosmetics experts are emulating this look with Korean cosmetic products, which are immensely popular, not only in Asia but also in Europe and the U.S. This signals big opportunities, not only for established companies but start-ups and innovative businesses from around the world. Korean beauty meets global markets - our News Feature tonight with Oh Sooyoung. Korean beauty, or K-Beauty, boasts of a fresh, natural look enhanced by an almost flawless complexion. "This coveted look has set off a growing demand for Korean cosmetic products based on a rigorous skincare routine and natural ingredients,... complete with colorful and eye-popping packaging- like this." Snail cream, CC Cream, and cushion foundations are some of the most popular K-Beauty products- which have now become bestselling items across the world. The hype surrounding Korean beauty led to a steady growth in cosmetic exports, hitting 2.4 billion U.S. dollars last year, up more than threefold from 2011. Among the categories, skincare products accounted for half the shipments. While neighboring Asian countries are still the biggest K-Beauty customers, Korean cosmetic products are now becoming mainstream in the United States and Europe, the world's biggest beauty markets,... with the most popular brands stocked by retail giants like Sephora. "Our international sales account for around 30 percent of our total sales, growing roughly 38 percent every year. Our main advantage overseas is that our products are new and fresh to those markets,... and supported by the growing credibility of Korean skincare. We definitely feel that the K-Beauty wave is moving beyond Asia, reaching the Americas, Europe and the Middle East,... with local consumers becoming more interested in Korean cosmetic products." To capitalize on new market opportunities, a number of small beauty companies have popped up in Korea, developing high-quality products at competitive prices. "Korea has one of the best environments for developing beauty products, with top-notch OEM infrastructure as well as R&D, manufacturing and technology. So we trusted that Korean cosmetics are already globally competitive, making it a safe industry to venture into. That's how we decided to create our business." "60 percent of our sales are from overseas markets. We're targeting Hong Kong and Southeast Asian countries, which have the best market preconditions for us. The beauty industry is a little behind in Southeast Asia, so local vendors are eager to work with up and coming brands, rather than just importing large, established ones." In fact, a number of online businesses have sprouted up, providing an opportunity for smaller K-Beauty brands to enter the global market. "There are quality brands out there that just need support in marketing, to bridge the gap between Korean manufacturers and the market in the states where we come in as Glow Recipe, the brand incubator." "We want to be focused and make sure all our brands are succcessful in the U.S. first. That being said, we do have an international consumer base, we get orders from Sweden and France, the UK. and Australia from all over the world." Korean companies aren't the only ones "making up" the K-beauty boom. Take this skincare company founded by a Korean scientist and a French beauty globetrotter, infusing the best of two cosmetics cultures. "Everything you do is based on vegetals, herbs, flowers, barks and roots. This is something incredibly natural and incredibly powerful for Americans and Europeans. So basically, we take the powerful Korean ingredients and push them through French technology and French design and French sensuality." "With an increasing number of products and brands inspired by various facets of the Korean cosmetics industry, a new face of K-Beauty is emerging all around world. Oh Soo-young, Arirang News."

Ref. Arirang News / May 20, 2016

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#KBeauty #Koreancosmeticexport #Koreancosmetics #Beautyindustry