Backed by the strong Korean Wave fever, Korea’s cosmetics brands are actively expanding their presence in overseas markets. Korea’s cosmetics outlets expand from Chinese countries toward North America, Europe, the Middle East, and Central Asia.
In addition to major brands such as AmorePacific and LG Life Sciences, mid-sized local brands, including Missha and TonyMoly, are riding high on the K-Beauty fever. After years of suffering deficits, the nation’s cosmetics trade turned profitable last year, first in history.
Korea’s cosmetics exports amounted to US$1.92 billion last year, up more than 50 percent from a year ago, exceeding the amount of imports ($1.69 billion).
The upturn in Korea’s cosmetics trade was driven not only by major brands but by smaller brands, including Able C&C’s Missha.
Missha launched its cosmetics product lines, including the First Treatment Essence, into 29 countries. In recent days, Missha is expanding its presence in East Europe where it achieved sales of $4.55 million last year, up 38.5 percent from a year ago.
Source: The Korea Economic Daily
