How do you interpret the expansion of Asian trends from Asia to Europe and then to Italy? At Beautystreams, we view Asia and especially Korea as one of the main cosmetics trend laboratories of the world. Innovation is pushed to the extreme and you can find the best and the worst the beauty industry can offer.
Our role as trend forecasters is to detect products and trends that could make their way into the international market and how to find a twist that will make them successful. Following on from compact cushions in all shapes and formats, now comes the tone-up cream trend coming from the Asia.
Itâ€™s creating real interest and is set to be the next trans-category format conquering the West! Which are the most appreciated categories of products? Skin care remains by far the most popular cosmetics segment in and from Korea. Within color cosmetics foundations-often infused with skin care benefits - primers, mascaras and nail polishes/gels lead the market. Only recently weâ€™ve seen an increasing interest in stronger lip and eye make-up colors as Korean bloggers gain international recognition and are inspired by Western trends, also diffusing those to Korean consumers. This means that in a way, nowadays inspiration goes full circle thanks to modern communication and media combining Asian and Western influence at once.
is still developing, leaving space for more experienced players to take market shares. This industry is characterized by high product turnover, with companies presenting up to 1500 new product launches a year. This is made possible thanks to the big Korean private labels that can quickly develop and put out to market several new products without necessarily needing to create a whole branding strategy around them. This represents a huge opportunity for Western brands that are more trained to back each new product launch with an effective communication that would firstly inspire the consumers and then lead them to purchase. Another high potential is present for Western luxury brands in that they are considered to be of the best quality by South Koreans. Furthermore, these brands would also fill a big gap in the Korean luxury market, characterized by just few players.
What is the potential of Western brands to enter the South-Korean beauty market and what is the best strategy to follow? There is definitely good potential for Western brands to expand into and within Korea. In fact, while the skin care industry is already highly saturated, the make-up industry
Published on Mar 14, 2017
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