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    Home > Korean enterprises plan to open up the cosmetics market in the United States

    Korean enterprises plan to open up the cosmetics market in the United States

    Echemi 2019-06-26

    Korean-enterprises-plan-to-open-up-the-cosmetics-market-in-the-United-States

    Recently, the Korean industry has suggested that the Private Label should be used as a scheme to improve the success rate of opening up the U.S. 

    According to a report released by KOTRA Los Angeles Trade Museum, the U.S. self-owned brand market is dominated by retailers such as Sephora and Ulta Beauty who own offline physical stores. Recently, e-commerce giants, such as Amazon, have launched their own cosmetics brands to expand their brands, which has made the competition in the U.S. market increasingly fierce. Only the existing retail channels can be the advantages of these brands. By saving marketing costs like this, cosmetics can be supplied to consumers at cheaper prices. According to Retail Dive, a professional retail media, the sales of self-owned brand goods in retail stores increased by 33.2% in the past five years (2013-2018), while the sales of traditional brand goods increased by only about 1%. Sales of traditional brand goods increased by 7.4% and sales of independent brand goods increased by 41% in the same period.

    In 2018, the market share of self-owned brand goods increased by 4% compared with five years ago, reaching 19.3%.

    Retail Dive selected Amazon and Target as the two most active companies in expanding their own brand market in various fields. It also pointed out that the Millennium generation of the United States did not resent the fact that `goods without brands'was also one of the bright prospects for their own brands. In addition, the Inkey List, Belei, Fifth City, Believe Beauty and Carmindy Beauty have launched their own brands, and the competition is becoming more and more fierce.

    KOTRA said that in the increasingly fierce competition of the American cosmetics market, `self-brand cosmetics'is growing continuously, which may become one of the ways for Korean enterprises to solve the problem of low visibility and successfully open up the American cosmetics market.

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