Cost effective K-beauty products, SMEs whose exports jumped 125% in two years

Robert Hundley

SEOUL, South Korea, March 9, 2022 /PRNewswire/ — Following announcement coated by Hankyung.com, Particular Korean businesses actively export Korean cosmetics to global K-elegance current market. Founded in 2013, Goshen Korea is a modest and medium-sized business with a funds of 100 million gained and 17 staff members. It exports 150 cosmetic makes to 40 nations around the world and promotes Korean cosmetics close to the planet.

At the moment, Goshen Korea is largely distributing Korean cosmetics to Abroad retail outlet, specializing in cosmetics and health and magnificence (H&B) retailer.

Goshen Korea’s exports via the two channels are experiencing steady annual progress. Exports amounted to $9,731,973 (about 11.5 billion received) in 2017, and improved to $16,095,337 (about 19.05 billion won) in 2018 and $21,986,652 (about 26,98 billion gained) in 2019. In recognition of these achievements, they ended up awarded the $5M Export Tower in 2017, the $10M Export Tower in 2018, and the $20M Export Tower in 2019.

Last calendar year, the full export quantity fell marginally to about 16 million pounds (about 18.99 billion won) right after the novel coronavirus an infection (COVID-19). On the other hand, the export benefit is envisioned to exceed 20 million dollars (about 23.74 billion received) this calendar year. Mr. Song stated, “We have signed contracts with Numerous countries’ top marts and property buying channels this calendar year. We also strategy to diversify our distribution channels subsequent calendar year by launching new products and solutions.”

Goshen Korea’s efficiency is substantial due to the fact the firm’s advancement likely rises in tandem with the K-splendor market’s growth in worldwide.

https://img.hankyung.com/pdsdata/pr.hankyung.com/uploads/2022/02/20220302_03.jpg
Goshen’s cosmetics are exhibited at its Korea headquarters in Yangcheon-gu, Seoul. (Picture by Reporter Mi-kyung Lee)

Goshen Korea presents distinctive thing to consider to country’s weather and culture when exporting K-attractiveness merchandise. CEO Kyung-hwa Son said, “Some countries have a very long time period of dry weather and people really don’t bodily scrub off their dead pores and skin. Consequently, we export solutions specialised for exfoliation, scrub, and moisturizing. We also export hair items that just take into thing to consider the h2o high quality and mineral focus.”

Launching their products in accordance with the properties of each and every distribution channel also helped to reach fantastic benefits. Which owns primary buyers in their teenagers and twenties has products and solutions with a special structure that catches the attention of their young customers whilst featuring superb charge-success (price-effectiveness) at a reduced rate. Its foremost manufacturers are A’pieu, Dewytree, Quret, and Peripera. Nevertheless, in other scenario, they predominantly import goods with a distinct model identity at a a little bit better rate.

https://img.hankyung.com/pdsdata/pr.hankyung.com/uploads/2022/02/20220302_04.jpg
(Photo by Goshen Korea)

Goshen Korea was also picked as a Hi Seoul Accredited Enterprise in 2021 by the Seoul Metropolitan Governing administration. Hello Seoul Certification is granted by the Seoul Metropolitan Govt to SMEs with world-wide competitiveness. When Seoul-based mostly SMEs are selected as Hello Seoul Certified Organizations, they are awarded a designation letter in the Seoul Special Mayor’s name. Also, Hi Seoul qualified corporations receive assistance for world growth, Business-to-Small business solutions, and company networks by means of the Seoul Organization Company (SBA), a help group for little and medium-sized enterprises in Seoul. Goshen Korea gained assistance for EAC certification and logistical expenditures to send beauty samples overseas.

Goshen Korea strategies to develop the market place a lot more actively by escalating the number of export destinations in the long term. CEO Son reported, “We plan to start K-splendor solutions in Malaysia and Thailand by introducing Korean cosmetics by major distribution channels in just about every place. Our mission is to encourage K-splendor to overseas nations by finding Korean SMEs’ solutions that have been chosen as great goods in the Hello Seoul Awards.”

Source Hankyung.com

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