Marketing lessons from the South Korean beauty industry
The nation exported nearly $625 million in cosmetics to the U.S. last year, and much of its global success is tied to vibrant packaging and marketplace agility.
Editor’s note: This article is a re-run as part of our countdown of top stories from the past year.
In the past decade, Korea has transformed itself into a cultural hub and a land of creativity.
“Parasite” director Bong Joon-ho returned to his homeland as the director of the first foreign-language film to win Best Picture at the Academy Awards. However, he isn’t the only Korean who has been making cultural headlines.
In January, BTS became the first Korean act to perform at the Grammy Awards. Beyond cinematography and K-pop, there is another major driving force behind Korea’s rising cultural economy: cosmetics.
If you walk into most cosmetics stores around the U.S., you will see Korean brands on display. In 2019, the United States imported more than $624 million in Korean cosmetics, and this number is predicted to grow. The global cosmetics industry’s revenue is expected to grow to at least $379 billion, and skin care is its main driver.
What’s the secret to its success? High-quality products and branding.
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