(From Jing Daily)
Korean cosmetics exports to China surged 250% last year, and accounted for almost one-fourth of all of China’s imported cosmetics.
This has caused a decline in Western brands’ market share of foreign beauty products in China, which decreased by 4.8% for skincare and 3.8% for color cosmetics in 2014.
In addition, Korean fashion labels are becoming big business in China—Lane Crawford offers several Korean menswear brands like Woo Young Mi and is planning to start stocking Korean womenswear, according to a Reuters report.
The ability to leverage Korean celebrities and TV shows—which are massively popular in China—has been one of the major reasons cosmetics brands have been able to surge ahead, according to a recent report on Korean beauty brands in China by L2. For example, Laneíge has been launching promotions with spokesmodel and Korean drama star Song Hye Ko since 2008, and recently saw a significant sales boost for a lip product that was featured in the show in which she stars. Read More