International Beauty Industry Trade Association, 2024 1st K-Beauty Media Representatives Invitation Year-end Forum Held

On Thursday, December 19, the 1st 2024 K-Beauty Media Representatives Invitation Year-End Forum was held under the theme of “Presenting the Direction That the Cosmetics and Beauty Industry Should Take in the Current Situation,” and was hosted by Chairman Yoon Ju-tak of the International Beauty Industry Trade Association (IBITA). The forum sought to explore alternatives to deal with the crisis of small and medium-sized enterprises and the “future of the Korean beauty industry.”

The first K-Beauty Media Forum was held at the IBITA conference room at 11:00 AM on this day, with the attendance of representatives of 7 media outlets representing Korea (CEO Gil Ki-woo of Cosin, CEO Kwon Tae-heung of CNC News, Director Shim Jae-young of CMN, Director Kim Yu-jin of Beautynuri, Director Yoon Kang-hee of Jangup Newspaper, Editor-in-Chief Jeong Bu-jae of Weekly Cosmetic, Director Heo Kang-woo of Cosmorning, and Chairman Yoon Joo-tak of JTNews).

At the forum that day, it was reported that the current situation is causing a series of business closures by small and medium-sized enterprises due to the uncertain future, and that small and medium-sized brand companies and manufacturers are headed for a crisis. As such, the overall crisis, including the chronic shortage of professional manpower, lack of specialized brand marketing capabilities, lack of overseas networks, lack of funds, lack of will and education to revive, and widening gap between the rich and the poor, is directly leading to the extinction of small and medium-sized brand manufacturers, and each media outlet on that day diagnosed that measures related to the crisis in the cosmetics and beauty industry are urgent.

Accordingly, this forum held the 1st K-Beauty Representative Media Forum with the theme of ‘Alternatives to Deal with the Crisis of Small and Medium-sized Manufacturing Brands and the Future of the Korean Beauty Industry’ to discuss comprehensive approaches based on the current status and problems, including overseas networks, technological innovation, knowledge sharing, and equal cooperation.

At this forum, representatives from seven media outlets presented their professional alternatives and gave presentations on the topic of ‘current status and future solutions.’

Next, the representatives of seven leading K-Beauty media outlets gave a summary presentation on the convergence future strategy of the cosmetics and beauty industry, and joined forces to do their best to prevent the decline in the external image and credibility of the Korean cosmetics and beauty industry.

In the discussion, IBITA Chairman Yoon Joo-tak elected Cosin CEO Gil Ki-woo, CNC News CEO Kwon Tae-heung, CMN Director Shim Jae-young, Beautynuri Director Kim Yu-jin, Jangup Newspaper Director Yoon Kang-hee, Weekly Cosmetic Editor-in-Chief Jeong Bu-jae, and Cosmorning Director Heo Kang-woo as co-chairs of each division of the K-Beauty Media Forum, and proposed that this first K-Beauty Media Forum be co-hosted as a representative “K-Beauty Media Forum” in Korea in cooperation with the IBITA overseas network as a long-term plan, and that they plan to constantly discuss sustainable development directions and alternatives.

Editor. Yoon Joo-taek