Mon, Feb 26, 2018 page14

• S Korean cosmetics seducing Europe

  • AFP, PARIS
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  South Korean cosmetics brands, wildly successful at home and across Asia, have their eye on the European beauty market, where their penetration is, for now, only skin-deep.

  Picking luxury goods powerhouse France as its bridgehead to seduce Europeans, South Korea’s leading cosmetics firm AmorePacific Corp a few months ago launched its top brand, Sulwhasoo, at the upmarket Galeries Lafayette department store.

  Britain is the next planned stop for AmorePacific next year, when the company also plans to launch its other flagship brand, Laneige.

  

  An employee arranges products on a shelf at Sulwhasoo’s stand at the Galeries Lafayette in Paris on Wednesday.

  Photo: AFP

  The South Korean industry has a solid reputation for innovation and a particular knack for blending natural far eastern ingredients — such as green tea, ginseng root or even snail slime — into beauty products.

  Hallyu, the “Korean Wave” of pop culture sweeping Asia since the 1990s, has given cosmetics sales a big lift, with young fans wanting to make up just like their K-Drama or K-Pop idols, or even become K-Beauty ambassadors for big brands.

  AmorePacific, which last year had sales of about US$5.6 billion, is still heavily reliant on its domestic market, which accounts for two-thirds of its revenues.

  Its European and North American operations pale by comparison, generating combined sales of less than US$100 million.

  “The company’s aim today is to widen its geographical presence beyond Asia,” AmorePacific Europe president Thierry Maman told reporters.

  Tensions with Chinese clients after South Korea allowed the US to install a missile shield added urgency to the group’s ongoing drive toward “globalization,” said Maman, who was a manager at French luxury conglomerate LVMH Moet Hennessy Louis Vuitton SE before joining AmorePacific.

  One of the challenges for European expansion is that the Korean Wave of pop culture has not really taken off there.

  The Hallyu association can even be a bit of a drawback, said Laura Koeppler, who co-manages the Korean Smooch online store, which sells avant-garde cosmetics made in Seoul to European customers.

  Early South Korean cosmetics imports to Europe rode a wave of enthusiasm for kawaii, meaning “cute” in Japanese, including TonyMoly and Skin79, which makes face masks in the shape of a panda, Koeppler said.

  “Consumers thought that is what South Korea is about,” she said.

  Actually “there is real skill” in K-Beauty, which has come up with game-changing products, such as BB creams, good at covering imperfections; CC Creams, which improve complexion; and so-called “cushions,” which blend skincare and make-up ingredients into a single product, Koeppler said.

  Merging traditional Asian ingredients with ultra-high tech components is another hallmark of South Korean cosmetics making.

  South Korean beauty and skincare require different “application rituals” than those Europeans are used to, Maman said.

  “There is a need for guidance” for European consumers wanting to work Korean products into their routine, he added.

  “The priority for Western brands is the effectiveness and the quantity of active ingredients that they manage to incorporate” in a beauty product, Maman said.

  However, in Asia “the smell, the touch and the pleasure that a cream brings” are just as important, he added.

  A number of Western beauty companies have copied South Korean cosmetics inventions, industry experts have said.

  However, sometimes they simply buy into local companies for fast Asian market exposure, such as when Unilever PLC picked up South Korea’s Carver, LVMH bought a stake in CLIO Cosmetics Co Ltd and Estee Lauder Cos Inc invested in Dr. Jar+ and DTRT.

  These acquisitions “show that Western beauty giants acknowledge K-Beauty players as a fast and effective instrument to capture China and emerging Asian markets,” said Sunny Um, Asian beauty sector analyst at the Euromonitor research firm.
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