Major South Korean travel retailer Shinsegae Group is set to launch an in-house developed cosmetics line, Yunjac, into the duty free channel at its Myeong-dong store in the capital city, Seoul. An ambitious sales target has been set for the brand.
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The opening on 2 February of an independent Yunjac cosmetics area adds to existing domestic market locations in Jung-gu and Gangnam in Seoul, and Centrum City in Busan. The brand was launched in October 2018.
Fashion, beauty and lifestyle specialist, Shinsegae International, which developed the 42-strong product line, has told The Moodie Davitt Report that it aims to make US$90 million in sales by 2020. Four travel retail exclusive sets are part of the product range.
The duty free exposure will promote Yunjac to a wider audience, with a particular focus on Chinese travellers. A Shinsegae Duty Free spokesman said: “The Myeong-dong store is a trendy shopping place where you can easily experience the world’s most popular brands. We will try our best to be the centre of world beauty. The line is targeting the global market including China.”
Yunjac, which means ‘nature’s masterpiece’, is chiefly built around skincare with some makeup and other smaller segments, also part of the portfolio. It is the result of several years research and preparation by Shinsegae International. The product development was a joint effort with global cosmetics maker Intercos and world-renowned botanical research institute Vitalab.
The manufacturing process involves extracting active ingredients from the best Korean herbs and combining them with state-of-the-art science. The end result is what Shinsegae describes as “the whole plant effect” which is claimed to restores the skin’s natural strength.
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Yunjac’s 42 products are priced at around US$30 for cleansing products, US$100 for skincare and US$50 for mother and infant items, according to Shinsegae Duty Free.
(Source: The Moodie Davitt Report)