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Daegu's K-Beauty Products Find Land of Opportunities in Russia

According to Yonhap News,

(DAEGU=Yonhap News) Russia has one of the top 10 largest cosmetics market in the world, and it maybe a land of opportunities for Daegu's cosmetics companies.

According to the Daegu Technopark' oriental medicine industry support center, the companies that took part in "INTERCHARM professional Spring 2018" last month conducted over 83 consultations sessions for deals worth USD 12.6 million. They also signed 54 export agreements.

Six companies, SLC, MR Innovation, U-Biomed, Herb Earth, Herb Noori and Ruby Crown, participated in INTERCHARM through Daegu's "K-beauty Export Consortium Support Program."

SLC signed a USD 100,000 export deal with Russian-company BNC for mask packs. SLC is also in talks with other Russian companies for their gel mist, oxygen essence, lifting pack and more.

U-Biomed signed a USD 60,000 export agreement with Helena International for their mask packs and eye patches. The also signed a USD 30,000 agreement with a local distributor to supply eye patches and hair products.

MR Innovation signed a USD 200,000 deal with a Russian medial company, and Herb Earth signed a USD 150,000 deal with their Russian partners, Bio Concept for oriental-medicine-infused shampoos.

According to statistics provided by the Korea Trade-Investment Promotion Agency (KOTRA), Russia's market for beauty products was worth USD 9.14 billion in 2016, 2% of the global market.

This year marks the 25th year of INTERCHARM Professional in Moscow, Russia, and 450 companies and 2,500 brands from 48 countries attended the event.

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Source Text

** This article was translated from Korean.

Source: Yonhap News (May 08, 2018)