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Global beauty brands target growing opportunity in Korea - Korea Times |
| Global beauty brands target growing opportunity in Korea - Korea Times Posted: 23 Jun 2019 01:03 AM PDT
By Kwak Yeon-soo Global fragrance and cosmetics players are entering Korean duty free shops to target increasing opportunities and use Korea as a "test bed" for Asian expansion, industry officials said Sunday. Korea is among the world's top 10 beauty markets, with per capita beauty spending of $45, which is more than double the global average of $21, according to Mintel, a London-based global market research firm. The Korea Customs Service said K-beauty exports have grown at an average of 34.9 percent in the past five years and marked $6.17 billion in 2018. Earlier in June, Christian Louboutin Beauty opened its first beauty store in Korea at Shinsegae Duty Free Shop in Myeong-dong, a popular shopping district in Seoul. Gucci Beauty also opened a beauty store in Korea to offer its makeups and fragrances.
"There are an increasing number of brands that seek to enter Korea by launching their products at duty free shops, like Gucci Beauty and THREE Cosmetics. As a result, the competition to introduce overseas cosmetics brands is heating up," a Shilla official said. The official said Korea is an "attractive" market for international luxury players, not only because of the spending power of local consumers but also due to visitors from other Asian countries who vacation in Korea. "Since Korean duty free shops are always packed with Chinese tourists, it's better for global cosmetics players to use Korea as a test bed to watch beauty trends," the official said. Another industry official said the Korean beauty market remains critical thanks to highly engaged consumers who love to try out new products. "Korea is driven by a strong top- and middle-class market, with affluent and savvy consumers as well as a dynamic and sophisticated travel retail sector. This characteristic drives shoppers from around Asia," a Luxury Business Institute Group official said. In fact, "Daigou shoppers" (or shuttle traders), who visit Korea and buy beauty products at duty free shops for resale in China, account for a large portion of the duty free market. Buoyed by increasing sales, the nation's duty free market grew about 35 percent year-on-year in 2018 to over 18 trillion won, according to the Korea Duty Free Shops Association.  | ||||
| Posted: 22 Jun 2019 06:27 PM PDT Thanks to the unconscious cultural assumption that foreign equals luxurious, foreign languages have long played a major role in the South Korean business world and influenced branding decisions accordingly. This strategy is known as foreign branding -- companies make their products or brands sound exotic to enhance their perceived value and make them more marketable. There are also cases where brand names are derived from foreign words even in the absence of a clear foreign branding strategy. Lotte Group, as mentioned in the first installment of this series, got its name from the German novel "The Sorrows of Young Werther." Here are a few familiar Korean brands that incorporate foreign words into their names.  Monami The popular Korean stationery brand Monami has provided standard black, blue and red ballpoint pens since the 1960s. The company's signature pen, 153, is still widely used today. Because Monami pens are so synonymous with the daily lives of Koreans, it's easy to forget the company's name is French. It's called "mon ami," or "my friend," because its products are so essential to our daily lives that the company has become a trusted friend. According to the company, its philosophy entails providing "a pen readily available for anyone, anyplace, anytime." As to the reason its signature pen is called 153, the item originally cost 15 won and was the third product Monami produced.  Tous Les Jours CJ Foodville's bakery chain Tous Les Jours also opted for a French name. While the name "Tous Les Jours" doesn't have much to do with baked goods, bakeries provide freshly baked bread every day -- in this case, three times a day. So a name that means "every day" in French seemed appropriate. The bakery chain's strategy, adopted in 2006, of baking fresh bread three times a day has helped it expand into one of the nation's most beloved bakery chains. Also, the first Tous Les Jours bakery was launched in 1997. Within 12 years the chain had 1,000 bakeries across the country, and today it continues to grow globally. Tous Les Jours now has a presence in the US, China and Southeast Asia, among other places.  Innisfree Innisfree, a budget cosmetics brand under cosmetics giant Amorepacfic Group, is known for providing affordable beauty products made from natural ingredients sourced from Jeju Island. While the name "Innisfree" isn't connected to Jeju Island, it is inspired by a real island -- an uninhabited island within a lake in Ireland. The brand name comes from a poem, "The Lake Isle of Innisfree," written by Irish poet William Butler Yeats. Yeats frequently visited Innisfree as a child. In the poem the island symbolizes peace and tranquility, things he misses as he revisits his memories while living in an urban setting. The brand was launched in 2000 and had some 1,790 stores around the world as of 2018.  Etude House Another budget cosmetics brand within Amorepacific Group, Etude House also got its name from a foreign word. "Etude" means "study" in French, and in English it refers to a composition that musicians play for practice to hone their skills. Etude House was inspired by the etudes of Frederic Chopin, a Polish composer who moved to Paris and died in 1849. According to the company, its products help customers find their inner beauty, just like Chopin's sweet melodic music. Whereas Innisfree specializes in skin care products, Etude House is known for colorful makeup products like eye shadows and blushes that appeal to younger people. Its signature shade, bubble gum pink, is a key factor in its brand identity.  A Twosome Place Of the many coffee chains in Korea, one of the most popular is "A Twosome Place," colloquially shortened to "Twosome" among locals. Unbeknownst to many, "A Twosome Place" is short for the company's slogan: "A cup of coffee, Two of us, Some dessert, Place." As odd as it may sound, coffee, dessert and an inviting space where people can spend time together encompass the essential elements of a cafe. A Twosome Place is CJ Foodville's flagship coffee house, but as of April this year, CJ sold three-quarters of its 60 percent stake in the business to Hong Kong-based private equity firm Anchor Equity Partners, leaving CJ with only a 15 percent stake. The move came as a surprise, but it was seen as a strategy by CJ to focus on its other brands.  Lalavla In 2004, GS Retail and Hong Kong-based Watson Group co-founded health and beauty retailer Watsons Korea. Despite its success in other Asian countries, Watsons didn't do well in Korea. In February 2017, GS Retail acquired a 100 percent stake in Watsons Korea. The following year, it was completely rebranded and became the drugstore consumers know today: Lalavla. The name "Lalavla" comes from "la la," which represents joyfulness, and "blah blah," meaning cheerful chatter. According to the brand, the name gives the drugstore a youthful vibe, and GS Retail is separating the company's drugstore brand from other competitors in the segment by emphasizing inner and outer beauty attained through good health. By Cho Hyee-su (chohyeesu@heraldcorp.com)  |
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