Toronto K-Expo, K-Beauty Promotion Center ‘A Huge Success’: Confirming K-Beauty Potential in North American Market
The Korea Cosmetic Industry Institute successfully wrapped up the K-Beauty Promotion Center at K-Expo in Toronto, Canada, amidst high local interest, showcasing the potential of K-Beauty in the North American market. This event combined various Hallyu contents into a comprehensive exhibition, with a particularly warm reception for K-Beauty.
Factors Behind the Success of the K-Beauty Promotion Center
The K-Beauty Promotion Center operated by integrating not only cosmetic product displays but also digital beauty devices merged with AI technology, the latest K-makeup trends, personal color experiences, and other diverse events. Such attempts were efforts to establish cosmetics and beauty as a lifestyle culture. Particularly, the ‘Beauty Play’ experience area in the promotion center was designed to be enjoyable for all ages, garnering a significant response from visitors.
Moreover, various K-contents such as K-drama, K-food, webtoons, and K-pop were also introduced, attracting many visitors. More than 10,000 people visited each day, feeling the status of K-contents, leaving a deep impression not only on the visitors but also on local buyers.
Success of B2B Export Consultation Meetings
From August 11 to 12, 17 small and medium-sized enterprises attended the B2B export consultation meetings, leading to 165 consultations with 34 global buyers. Through this, a consultation amount of 20 million dollars was achieved, with a contract promotion amount of 6.2 million dollars and contracts valued at 5 million dollars signed. Additionally, five MOUs were signed on-site, achieving substantial results.
Director Sanghoon Park remarked,
“This B2B, B2C event was a venue that proved K-Beauty's competitiveness in the North American market with numbers,” adding, “We will continue to expand support for the Korean cosmetics and beauty industry to grow continuously in global markets.”
Role of Domestic K-Beauty Experience & Promotion Centers
The domestic K-Beauty experience and promotion center (Beauty Play) is continuously conducting online consultations for overseas buyers. In the first half of this year, through consultations with 35 companies, a contract promotion amount of 1.5 billion won and a contract signing amount of 1.3 billion won were achieved, along with 24 MOU accomplishments. Plans are in place to support an additional 70 companies in the second half.
Especially, such online consultations are providing opportunities to enhance understanding of overseas markets in the contactless era, serving as an important gateway for many small and medium-sized enterprises to enter the global stage.
In Summary
The entry of K-Beauty into the North American market is underway through diverse methods, and its potential is vast. The success of this K-Expo clearly shows the position Korean cosmetics and beauty industries hold in the global market. It is hoped that with continuous efforts and support, K-Beauty will gain more opportunities in global markets.
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