SEOUL -- Sephora, a French multinational chain of personal care and beauty stores, partnered with South Korean cosmetics maker MBX to launch a new vegan skincare brand targeting global consumers, based on non-animal and natural ingredients that had been traditionally used by Koreans.
MBX, formerly known as Memebox founded in 2012, said in a statement on Friday that the new vegan skincare brand would be launched next year. Ingredients to be used for the new brand were not disclosed. Traditional cosmetics used natural ingredients such as plants and grains with fragrance added to them. Ground rice and millet were used as powders.
The rapidly growing global vegan cosmetics market is expected to reach $20.8 billion by 2025, according to the global market research firm, Grand View Research. The two companies jointly launched Kaja, a color cosmetics brand, in the United States in September last year. "MBX is maintaining a good relationship with Sephora as we have a good understanding of American consumers," said MBX CEO Hyung-seok Dino Ha.
Associated with Hallyu (Korean culture wave), South Korean cosmetics products known as K-beauty products, have gained popularity, especially in Asia, focusing on the health, hydration and colorization of the skin. K-beauty products are favored by young female customers who favor makeup to create youthful looks.
Sephora launched its first chain store in Seoul in October and plans to open 14 shops in South Korea by 2022. MBX has attracted young female customers with monthly subscription services that offer monthly provisions of curated cosmetics products.
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