The United States remains the biggest market for Korean cosmetic products and nowadays Korean investors are venturing into Indian cosmetic market. The Korea Trade Investment Promotion Agency (KOTRA) launched at least 10 Korean cosmetics brands in India very recent.
There are over 200 brands of Korean cosmetics. The US and China are using this popular brands and the Indian market has not been explored before by these companies. Korea has been involved in exports of automobiles, electronics and machinery to India but now Korean investors believe that an expansion into the cosmetics industry would help in strengthening relations between the two countries.
Hansoo Park said “There are two reasons why we are looking at the cosmetics industry in India. The first being is they want to educate manufacturers of Korea about India. The second is that we want to communicate with Indian people. This is an attempt to connect with Indian hearts,”
Korea is the seventh largest exporter of products to India. Over the next two years they hoped to go up to the fifth position.
As for the cosmetics stores, they are going to be online for the time being. Ryan Park, CEO, Wish Company, one of the products to be launched at the event, said while they were looking at options for offline stores, for the time being their products would be available on Amazon and on the company’s website. Additional information on India’s current system for registering cosmetic product is available in our Morulaa blog section “Cosmetic Registration in India – An Overview“.
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