K-beauty brands double down on US despite tariffs
On the back of the popularity for cultural exports such as K-Pop and their roaring online sales through Amazon, South Korea's cosmetic startups are making a big push to supply major US retailers.
South Korea's top five cosmetics brands in the US saw their US online sales grow by 71% on an annualized average over the past two years, according to data from Euromonitor provided to Reuters. Top five French brands including L'Oreal Paris, Dior and Lancome posted a 15% sales growth during the same period.
But as part of his recently announced universal tariffs, US President Donald Trump announced a 25% tariff on South Korea, which was temporarily reduced to 10% for 90 days until July 8. Beyond the tariffs, Korean brands are already facing challenges from cheaper Chinese rivals in some emerging markets such as Southeast Asia and Latin America, experts and executives said.
REUTERS VIDEO
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On the back of the popularity for cultural exports such as K-Pop and their roaring online sales through Amazon, South Korea's cosmetic startups are making a big push to supply major US retailers.
South Korea's top five cosmetics brands in the US saw their US online sales grow by 71% on an annualized average over the past two years, according to data from Euromonitor provided to Reuters. Top five French brands including L'Oreal Paris, Dior and Lancome posted a 15% sales growth during the same period.
But as part of his recently announced universal tariffs, US President Donald Trump announced a 25% tariff on South Korea, which was temporarily reduced to 10% for 90 days until July 8. Beyond the tariffs, Korean brands are already facing challenges from cheaper Chinese rivals in some emerging markets such as Southeast Asia and Latin America, experts and executives said.
REUTERS VIDEO
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Visit our website at https://www.manilatimes.net
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Instagram - https://tmt.ph/instagram
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Subscribe to our Digital Edition - https://tmt.ph/digital
Check out our Podcasts:
Spotify - https://tmt.ph/spotify
Apple Podcasts - https://tmt.ph/applepodcasts
Amazon Music - https://tmt.ph/amazonmusic
Deezer: https://tmt.ph/deezer
Stitcher: https://tmt.ph/stitcher
Tune In: https://tmt.ph/tunein
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#TheManilaTimes
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NewsTranscript
00:00It's like three people.
00:01Wow!
00:02It's all about ailerail.
00:04People don't know if you've seen me.
00:06I'm not sure if I can get that.
00:07But I'm still envious.
00:09I'm not sure how to travel.
00:11You can still come.
00:13I'm just thinking.
00:13I'm not sure how to travel.
00:14This is what I'm doing.
00:15We are just thinking about...
00:19This is what ...
00:22You just make sure to step back.
00:23If you go away, then your own way to get home.
00:26because i like bts and i get into the k beauty and i start doing research and i see that they're
00:39very gentle with the skin yeah i wish to come every single time here to buy it but that's not
00:52possible because i have to do in the state so i think it's going to be harder for the people
00:56to get access to their korean products because now they're going to have to lever the price
01:26so
01:28you
01:30you