K-Beauty Festa’s largest ever export consultation results of $110 million for participating companies
The Ministry of SMEs and Startups announced on the 23rd that it was successfully completed at the Cosmo Beauty Seoul X K-Beauty Festa, which was held for three days from the 28th of last month, with a $110 million export consultation and a $660,000 export contract signed at the site.
According to the Ministry of SMEs and Startups, 161 buyers from 51 countries were invited to Cosmo Beauty Seoul X K-Beauty Festa this year, and 439 K-beauty companies participated in export consultations worth $110 million.
Among them, 17 export contracts worth $660,000 were signed at the site, and $2.46 million contracts are expected to be completed within this year.
The fair was the largest ever, with 53,000 visitors visiting, an increase of 5,000 from last year, and 1903 B2B consultations, an increase of 1,001 during the event.
This year, in collaboration with the Ministry of SMEs and Startups and Korea International Exhibition, it invited 161 overseas buyers from 51 countries, including 27 global big buyers such as Sephora, Unilever, PPIH, and Mercado Libre.
In addition, B2B counseling was supported by pre-matching with overseas buyers to promote exports and overseas expansion of domestic K-beauty SMEs.
Looking at the best practices of individual participating companies, Farms & B&B submitted and exhibited four basic and functional cosmetics at the fair and sold them out on the spot, while Sindopi & G succeeded in exporting a new cosmetics brand to Vietnam for the first time by utilizing the distribution infrastructure of Vietnamese buyers.
Hanamoah is in follow-up discussions after receiving a deal from Japan’s Don Quixote after an export consultation, and is expected to sign an export contract worth up to $1 million when it enters the store.
Lee Soon-bae, a global growth policy officer at the Ministry of SMEs and Startups, said, “The fair was able to conclude with tangible results by expanding visits to promising overseas buyers and improving the quality of participating products.” “We will strengthen customized support such as support for technology development and ESG management so that the K-beauty ecosystem can expand despite rapid changes in the external environment such as strengthening global protection trade.”
In addition, he added, “We will continue to support expanding opportunities to actively inform and promote the excellent quality and high innovation of K-beauty to the world.”
[Editor LEE]
