[Courtesy of Shinsegae Department Store]
South Korea's cosmetics market, estimated at $13.2 billion in 2019, is the world's ninth-largest, according to global market research firm Euromonitor International. The domestic market has seen rapid changes to match the lifestyle of young consumers who quickly react to new cultural and fashion trends.
Shinsegae Department said on Thursday that it has launched "onoma," a skincare cosmetics brand, through its beauty shop and online stores. Onoma has six essence products, each with specialized purposes such as skin moisturization and whitening. There are strong demands for skincare products as many young customers manage the skin at home.
The department store franchise benchmarked the successful path which Shinsegae International, the fashion unit of Shimsegae Group, has walked since 2012 when it acquired VIDIVICI, a premium cosmetics brand. The fashion company's cosmetics sales saw a dramatic increase from 1.9 billion won in 2012 to 368 billion won ($300 million) in 2019.
Shinsegae International has developed its own brand of cosmetics while earning the distribution rights of luxury brands such as Garancia of France and Santa Maria Novella, a premium Italian perfume brand. Shinsegae's cosmetics products are popular in Asian countries.
reporter
Park Sae-jin
swatchsjp@ajunews.com
