The sale price of imported cosmetics such as Shu Uemura, YSL, Lancome and Biotherm is expected to rise by up to 7.4 percent in Korea.
According to data from the Korean duty-free shop industry released on November 8, major domestic duty-free shops including Lotte, Shilla, Hyundai, and Shinsegae raised the prices of some major imported cosmetics products by 2-7 percent earlier this month.
Shu Uemura Cosmetics increased the price of 84 items by 7.4 percent on average; YSL Cosmetics increased the price of 82 items by 4.4 percent on average; and Lancome increased the price of 69 items by 0.6 percent on average. In the case of Shu Uemura Cosmetics, cleansing oil rose from USD 48.45 to USD 51, and the Hard Formula Eyebrow Pencil has increased from USD 26 to USD 28. The price of some imported perfumes also rose: YSL perfume rose 5.8 percent, and Polo perfume rose 2.8 percent.
As the prices of these products rise, some duty-free shops, however, are selling them at the previous price only for members.
A duty-free shop official said, “Raw cosmetics material prices have risen post pandemic, combined with the recent high exchange rate, more and more cosmetic companies want to adjust their sales prices at duty-free shops.”