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| The Body Shop Korea general manager Oh Mi-Kyung (The Body Shop Korea) |
Inspired by the breakthrough air cushion foundation introduced by South Korean beauty giant AmorePacific, U.K.-based natural cosmetics firm The Body Shop is planning to launch its own BB Cushion next year, alongside many foreign makeup brands eyeing Korea’s new product trends.
“Today, many foreign cosmetic brands are closely watching Korea, perceived as an undisputed leader in quickly introducing new, innovative cosmetics products to consumers,” said The Body Shop Korea general manager Oh Mi-kyung in an interview with The Korea Herald.
“Seeing the success of Korean cosmetics innovation, imported makeup brands are mimicking blockbuster beauty products launched by Korean beauty firms,” she said, adding that The Body Shop is “scheduled to launch a new BB cushion by the end of next year.”
The body care-focused beauty firm is not alone in its efforts to quickly follow new cosmetics trends led by Korea. Last year, France’s Lancome launched its own Miracle Cushion compact foundation, while Parfums Christian Dior sealed a partnership in June with AmorePacific to import its flagship cushion technology.
Alongside other well-known foreign beauty brands, The Body Shop — a part of L’Oreal Group — is paying close attention to Korea’s fast-changing cosmetics industry, considered one of the “company’s most important international markets,” according to Oh.
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| A The Body Shop store in Seoul. (The Body Shop Korea) |
As of 2014, the Korean cosmetics market was valued at an estimated 11.8 trillion won ($9.91 billion) and is expected to grow by more than 7 percent to reach roughly 12.6 trillion won this year, according to a 2015 report by Shinhan Investment Corp.
Standing among the top 10 cosmetics markets in the world, Korea is expected to further attract new players in the years to come given its reputation for developing innovative, high-tech beauty products, according to international market analyst Datamonitor.
“As Korea’s cosmetics industry has significantly grown in size, it has become both an important and difficult market for our global operations,” Oh said. “And the key is to ensure that we are able to survive in this highly-competitive market.”
For one, The Body Shop Korea is the firm’s only country branch allowed to use advertisements for product promotion. Although The Body Shop, in line with its corporate values, prohibits the use of advertisements across its global operations, it made an exception for Korea, a primarily ad-driven market.
Moreover, the company is now looking to go beyond body care to the skin care and makeup sector, in a bid to increase its total market share in Korea’s cosmetics industry, in which the skin care sector takes up roughly 55 percent compared to just 6 percent held by body care products, according to The Body Shop executive.
“As its name suggests, The Body Shop has traditionally been a strong player in the body care sector. However, we have a comparatively low presence in the skin care section,” Oh said.
“This also means that we have a lot of room and potential to introduce excellent skin care products, developed with L’Oreal’s leading cosmetics technology, to Korean consumers.”
As part of its push to expand its current skin care lineup, The Body Shop is preparing to launch the Oils of Life, an intensely revitalizing facial oil, in Korea on Oct. 1.
The company expects the new facial oil to become one of The Body Shop’s best-selling skin care products along with its iconic antiblemish solution Tea Tree Oil and the Drops of Youth Concentrate, an antiaging serum introduced in 2012.
“The Body Shop will continue its product innovation in the years to come, introducing an expanded Oils of Life product lineup next January, launching Drops of Light, a skin tone-brightening essence, in March as well as presenting new makeup products in 2017,” Oh said.
By Sohn Ji-young (jys@heraldcorp.com)
