K-beauty is rapidly expanding into different markets.
Missha, budget cosmetics label owned by Able C&C recently opened its first Iraqi store in a shopping mall in Baghdad, according to the company. Able C&C is the first Korean cosmetics company to open an independent shop in Iraq. The company said it will move aggressively to stay ahead of its rivals in the Iraqi cosmetics market, which imports more than US$200 million worth beauty products annually but lacks a clear winner yet.
BB cream, a skincare product for smoothing out skin tone, is especially popular among Iraqi customers, said an official at Able C&C, adding that the company plans to focus introducing high-quality skincare products in the market.
Olive Young, Korea’s largest health and beauty retailer, has made its first foray into Singapore through Guardian stores. Guardian, owned by Hong Kong-based Dairy Farm Group, is one of the largest health and beauty store chains in Asia with around 100,000 outlets in operation in 11 countries including Singapore, Hong Kong, and Indonesia.
Olive Young said Guardian has started selling its four private label cosmetics products at 50 of its major Singaporean outlets.
Retail conglomerates of Korea are also actively exploring growth opportunities in new markets. Cosmetics giant AmorePacific has started selling Innisfree budget cosmetics products at Rive Gauche in Russia since November. Rive Gauche is one of Russia’s largest beauty retailers, carrying various international brands ranging from Chanel to Dior. AmorePacific plans to expand its product offerings at more Rive Gauche outlets.
The company is also moving aggressively for expansion in other parts of the world. In September, it opened an Innisfree store in Toronto, Canada. Laneige, another budget label that opened its first overseas store in Hong Kong in 2002, is rapidly growing its international presence. Last year, it entered Australia and this year, it started sales in 18 countries in Europe.
LG Household & Healthcare, which owns various cosmetics brands including The Face Shop, in April acquired New Avon, a leading social selling beauty company in North America with independent sales representatives throughout the United States, Puerto Rico, and Canada.
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The company plans to utilize New Avon’s strong sales base for business expansion in North America as well as seek entry into new markets in South America and Europe.
(Source: Pulse News)