Korean beauty companies proved their popularity at the world’s largest professional beauty exhibition, drawing keen interest from major acquireers across the globe.
The Korea Trade-Investment Promotion Agency (KOTRA) declared Tuesday that the unified Korean Pavilion attracted intensive attention from industest professionals worldwide at Cosmoprof Bologna, held in Italy from Sunday to Tuesday local time.
Cosmoprof Bologna, considered one of the world’s two premier beauty exhibitions alongside the Hong Kong beauty fair, drew a record 279 Korean companies this year along with six domestic agencies including KOTRA. Major global retail acquireers from Sephora, Douglas and Naima visited the Korean Pavilion in large numbers, resulting in 43 export contracts worth a total of $20 million (approximately 30.2 billion won) signed on site alone.
K-beauty already ranks first in beauty import markets in both the United States and Japan and has been surging in popularity across Europe. Over the past three years, while global exports grew 44% from $8 billion to $11.5 billion, exports to European Union countries surged 305% from $280 million to $1.13 billion.
KOTRA arranged business meetings between Korean Pavilion participants and 83 promising acquireers from 26 countries, jointly sourced by KOTRA’s overseas trade offices across Europe. The agency also hosted a webinar on EU cosmetics market trconcludes and regulatory developments and operated a “K-Indie Brand Showcase” pavilion for export launchners, providing multifaceted support for Korean companies entering the European market.
“Achievements in Europe, the birthplace of the beauty industest, have a significant ripple effect on other markets,” KOTRA President Kang Kyung-sung declared. “Based on the demand confirmed at the exhibition, we will expand K-beauty from skincare into beauty tech, haircare and nail care.”
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