Even though beauty products are big business in S. Korea, China is by far the country's largest market, and manufacturers hope to expand their reach at the upcoming China International Import Expo (CIIE).?
Walk around Seoul's most popular tourist district you can hardly miss the dozens of makeup stores that line the streets. From foam cleaners to BB creams, serums to face masks, these stores offer the latest products to keep customers looking good and healthy.?
It's a symbol of the fast-growing global appeal of S. Korean beauty products and many brands are now looking to capitalize on the popularity by expanding their reach overseas. One such company is Enprani and its diverse lines of beauty brands.?
Enprani already has a presence in the Chinese market through an online store, but the firm hopes to grow its customer base at the CIIE.?
"We've always needed the opportunity or turning point to approach Chinese consumers and sellers more directly. We've also wanted to do more with our Holika brand and market it. So, in that respect this opportunity is very important," said Cho Ha-woon from Overseas Business Department of Enprani.
Exports of S. Korean cosmetics products made nearly five billion US dollars last year. That's four times higher than the figure tallied back just in 2013. China is one of the most lucrative markets for S. Korean manufacturers, accounting for 65 percent of all outbound shipments.
The private, non-profit Korea International Trade Association will have a large presence at CIIE lending its support for S. Korean businesses. Officials say the expo is a great opportunity for S. Korea to broaden its portfolio with its number one trading partner.?
"Many South Korean companies will take part in the expo's services and cutting-edge trade exhibits. But the hope is that the two countries can expand cooperation in high-value sectors, like other service sectors, including culture and distribution, as well as 4th Industrial Revolution sectors like robotics and artificial intelligence," said Shim Yoon-sup from International Affairs Group of Korea International Trade Association.
With better cooperation, the potential for good business is limitless.?
"South Korea and China must together go beyond their bilateral markets and expand to the world market. Cooperation among businesses, like joint start-ups and joint investments, must be expanded. China should use Korea's experience in establishing global infrastructure for one-on-one projects. The cooperative relationship must develop further and to a higher level," said Shim.
Beauty products are big business in S. Korea. Industry figures show S. Korea's 10 billion-US dollar cosmetics industry is the 8th largest in the world. Despite the recent growth, analysts say there's always more ground to make up.
