British Beauty Council has read a fascinating post in Business of Fashion about how beauty is shaping up in South Korea.
They have observed a clash of titans between the international brands flooding into this market and the homegrown brands.
In the past five years, K-beauty exports have grown from $1b to $2.64b, but despite that impressive upswing this market is facing great competition on its home turf from global luxury players capitalising on the huge opportunities there.
Mintel say that per capita spend in South Korea is $45, compared to $43 in the UK and $37 in the US, and Korean beauty consumers are thought to be the most sophisticated and engaged in the world, so you can see why competition has become so strong.
We’ll be following this one with a keen eye in months to come.
