Itochu Corporation has announced it has secured exclusive rights to distribute South Korean beauty brand TonyMoly in Japan, from March 2023.
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“We will begin the business deployment in cooperation with Piala Inc and P2C Inc from March,” the Japanese company said in a statement.
Piala will undertake marketing and PR activities while P2C will manage the e-commerce and wholesale businesses, the statement continued
Launched in 2006 by Haedong Bae, South Korea’s TonyMoly offers skincare, makeup and hair and body care products. The K-beauty brand gained popularity among young Asian customers during the first decade of its operation, thanks to the Hallyu wave (Korean Wave) in the region.
Today, TonyMoly has more than 350 retail stores across 50 countries and clock net sales last year of approximately USD 89.7 million in value terms.
The company said it will continue to sequentially produce long-selling and best-selling products such as its collaborative product lines with high fashion brands or characters.
“Backed by increasing demand for Korean cosmetics brands, we will expand sales of existing products and excellent products that are not sold in Japan yet, and aim to achieve sales of JPY 10 billion (USD 74.7 million) on a retail basis in three years,” the company said.
The TonyMoly distribution deal comes two months after Itochu acquired the master license rights for American fashion label L.L. Bean in Japan and the wholesale rights for imported products.