Beauty Companies…Accelerating New Ventures and Overseas Expansion
AmorePacific enters medical aesthetics market
LG Household & Health Care targets the USA with haircare products.
Aekyung pursues entry into UK and South America markets
Meanwhile, beauty product companies such as AmorePacific and LG Household & Health Care are diversifying their businesses to effectively capitalize on the “K-Beauty craze.”
According to the cosmetics industry, AmorePacific recently invested in Higher Corporation, a developer of drug-eluting medical devices for wrinkle improvement, and has begun targeting the medical aesthetics market. The two companies plan to jointly develop ingredients and cosmetics specifically designed for use in dermatological procedures.
The company is also intensifying its overseas expansion, focusing on its affiliate COSRX and flagship brands such as Laneige, Aestura, and Hera. COSRX has expanded its export reach to countries including the USA, the UK, France, and Russia, generating 96% of its total revenue (KRW 456.2 billion) last year from overseas sales. It plans to further expand its export markets in the second half of this year by participating in events like “Beautyworld Dubai,” a beauty-product trade fair in the Middle East.
Aestura has been targeting the European market since the first half of this year by entering Sephora stores across major countries such as France, Germany, Italy, and Spain. Hera is also focusing on developing the Japanese market, having opened stores in the Hankyu Department Store Umeda Main Branch in Osaka and the Mitsukoshi Department Store Ginza Branch in Tokyo during the second half of last year.
LG Household & Health Care is accelerating its overseas expansion, focusing on its haircare brand ‘Dr. Groot’ and oral care brand ‘Euthymol.’ Dr. Groot is set to launch in all offline Sephora stores across the United States in the second half of this year. Meanwhile, The Face Shop has recently begun supplying products to Walmart, a major U.S. hypermarket, and is exploring export opportunities in Australia and New Zealand.
Aekyung Industrial has also begun restructuring after being acquired by the Taekwang Group earlier this year. The company is preparing to launch its color cosmetics brands, AGE 20’s and LUNA, in offline beauty stores across the UK and South America within this year. LUNA also plans to open a pop-up store in Japan this coming November.
Korean-Products.com | Blog Magazine of Korean products, brands and Goods
