The Business of Fashion
Agenda-setting intelligence, analysis and advice for the global fashion community.
Agenda-setting intelligence, analysis and advice for the global fashion community.
Data from Turkish e-commerce player Trendyol reveals that sales of South Korean cosmetics on its platform are up fivefold from last year, Nikkei Asia reports.
The news points to the K-beauty industry’s thriving export market. According to Alibaba-backed Trendyol, which began selling K-beauty in 2018, 2020 was a “milestone year” for the category: the company sold over 665,000 K-beauty products, up from 135,000 in 2019, and beat last year’s sales volume this April.
K-pop, combined with a proliferation of e-commerce and influencer recommendations are said to be behind the boom. Korea’s cosmetics exports to the Middle East hit $7.8 million in June, up from $7 million in June 2020 and $4.3 million in June 2019, according to Korean trade authorities. The region is still a small market compared to China, the US and Japan, but demand is growing fast.
Learn more:
ADVERTISEMENT
K-Beauty’s Golden Age Is Ending. What Comes Next?
Their 10-step routines, snail serums and sheet masks took the world by storm 10 years ago. Now, Korean beauty brands are facing a fiercely competitive market and need to think outside the box.
Chanel, Louis Vuitton and Tiffany & Co are among the brands expanding in Perth, Australia in a bid to tap its mining, oil and gas wealth and newfound status as a travel hub.
This week’s round-up of global markets fashion business news also features Haiti’s sourcing crisis, Brazilian jewellery giant Vivara and Dubai’s Ramadan shopping season.
This week’s round-up of global markets fashion business news also features Supreme’s long-awaited Shanghai flagship opening, India imposes MIP on undervalued imports of synthetic knitted fabric and striking Sri Lankan workers continue to protest.
Imran Amed shares his observations from a trip to the wealthy desert metropolis, home to the most lucrative stores for many of the world’s top fashion brands.