K-beauty is still a tale of two halves. The lower tier, which relied heavily on product seedings in popular Korean TV shows, has been severely impacted by the Chinese government’s political response to the South Korean state’s application of an American THAAD missile system. Subsequently, sales have fallen off a cliff, and Korea’s affordable names, such as brands like Innisfree and Etude House, are stuttering.
However, China’s rising living standards and ostentatious lifestyles are driving the ultra-luxury beauty sector. That means, when it comes to the premium sphere that has yet to be tapped by local rivals in the lower sector, K-beauty names like Sulwhasoo, Whoo, and Su:m have all seen bright spots.
During China’s “618 Shopping Festival,” premium Korean skincare brand “Whoo” topped popular social platform Douyin’s beauty sales list. And according to its parent company, LG lifestyle, its six luxury cosmetics brands — including Whoo, Su:m, and O Hui, among others — have all performed similarly, reaching a total of $77.9 million sales at Tmall’s 618 Shopping Extravaganza, a 70-percent increase compared to last year.
By Lisa Nan – August 18, 2021
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