EDITOR'S LETTER
Following the Korean chaebol group Shinsegae, Hyundai has already begun to enter the cosmetics market, and Lotte is also looking to enter the cosmetics market, starting with materials. It is not unusual for large corporations to enter various business areas to expand their business, but recently, they are showing particular interest in cosmetics. This trend is not unique only to our country.
Not long ago, I heard from foreign media that Huawei, an IT company representing China, is entering the cosmetics market. As the U.S. puts China in crisis by strong sanctions, it pointed to cosmetics as a new growth engine following electric vehicles. What has drawn their attention to cosmetics? There must have been a lot more attractive areas than cosmetics in terms of appearance and profitability. Personally, I think it's because of the image and growth potential. For those who are making a leap as a global company, I think it would have been necessary to create a friendly and soft image for people around the world. Companies with some known names are making significant efforts to enhance their image year after year. Especially, the companies mentioned above are concentrating energy such as funds and time more beyond of our imagination. They are conducting various activities from images for advertising and promotion to activities for human health and environment.
Cosmetics have long established itself as a daily necessity for men and women of all ages. In particular, it is a so-called magical product that not only fills the satisfaction gained from using the product, but also meets the expectation that its users will become more beautiful and healthy tomorrow. Of course, the image of a company that makes products that satisfy the consumer's sensibility is bound to improve.
K-beauty's growth, which had recently slowed down due to COVID-19, is emerging again. This year, exports to China, Japan, and the United States have increased, marking the highest ever export growth rate. This is because it adds solid technology to its brilliant creativity to be considered the best product with excellent product power at a reasonable price by people around the world. Combining it with the capital and popularity of large corporations could create even greater synergy.
The image of a company is not proportional to its size and sales. Based on the know-how and experience of success in other industries, we look forward to your role as a great player for the qualitative and quantitative growth of the cosmetics industry and the creation of a sound ecosystem.
June, 2021 Sincerely Yours