Fashion: Korean beauty market on a global expansion spree
The Korean beauty market is making its presence felt across the globe, reports The Korea Bizarre.
With the world noticing the rise of Korean dramas and Korean pop, the beauty and cosmetics industry too is gaining prominence. Amore Pacific, for instance, has been focusing on the international market since the 1990s. After setting shop in France and China, it started focusing on other countries.
Amore now sells its cosmetics in the US, Malaysia, Indonesia, Canada, Thailand, Vietnam, Philippines, Myanmar, Singapore, and Japan, generating a global sales of 1.26 trillion won.
LG Household & Health Care’s The Face Shop is eyeing the Middle Eastern market and it has so far opened 55 stores in five countries: Saudi Arabia, United Arab Emirates, Jordan, Oman, and Armenia.
These Korean brands are using different marketing strategies to aggressively target overseas markets.
In areas where natural ingredients and safety are important, such as Europe and the U.S., businesses are attracting customers with their ‘natural’ brands. Some brands promote elements of Korean tradition to attract western consumers. Many are ‘blending in’ with the locals through collaboration with local businesses. To boost overseas expansion, the Korea Trade Promotion Corporation (KOTRA) is taking steps to boost sales of Korean cosmetics through American and Chinese online shopping sites.
KOTRA will host a ‘K-beauty summit’ to help Korean cosmetics brands export their products. The agency’s ‘online export incubating program’ will be introduced, and is expected to help businesses sell their products through Amazon. KOTRA is also seeking to secure new trading opportunities in China in collaboration with the online shopping site TaoBao, operated by Chinese e-commerce behemoth Alibaba. The two parties plan to host a K-beauty expo in China during the first half of the year.