Beauty brand Mamonde has officially entered Singapore, launching an e-commerce site on Lazada to introduce its skincare and makeup products to the Singapore market.
Owned by Amorepacific — the parent firm of fellow Korean beauty brands Laneige, Sulwhasoo, Etude House and Innisfree — Mamonde is testing the Singapore retail waters via the partnership with Lazada. If successful, it plans to open a physical store in the future.
“Mamonde is excited to expand operations to Singapore, and we are looking forward to working with Lazada Singapore to retail a wide range of our skincare and makeup products. Launching digitally first in Singapore was a deliberate move that allows us to observe consumer purchasing habits before scaling up operations in the market,” said Robin Na, head of Asean regional headquarters, Amorepacific.
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“While the beauty industry in Singapore is mature, we believe that consumers in Singapore are still hungry for new brands to enter the market. Mamonde, with our focus being on the benefits brought about by flowers, will capture a segment of the beauty market that has not been tapped into.”
However, Mamonde arrives on the Singapore e-commerce scene at a time where local retail sales continue to fall. According to local data, retail sales are still falling each month, an unbroken pattern since February 2016.
Retail experts have said that cosmetics are still sought after items, however, as consumers dismiss high-priced items for “small luxury” items such as expensive lipstick.
Sales of colour cosmetics in Singapore are expected to grow annually to reach more than $278 million by 2020, up from an estimated $230.5 million for 2016, according to market research firm Euromonitor International.