Say hello to K-beauty

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The global beauty industry is experiencing a revolution driven by South Korea, who tends to be 10-12 years ahead of the rest of the world, helped by the expansion of Instagram, YouTube and beauty blogging.  Say hello to K-beauty, an umbrella term for skin-care products that derive from South Korea.

"The fascination with Korean cosmetics is due to how innovative they are," says Marie Claire's digital beauty editor Katie Thomas.

Before even putting any make-up on, Koreans put in a lot of effort to take care of their skin.  What are some of the unique ingredients in the products?  Brace yourself.

"Snail mucin for moisturizing, pearl for brightening, green tea for oil control and propolis from bees for soothing and nourishing," she [Karen Hong, the founder of K Beauty Bar] reels off.

Learn more about the rise of Korean makeup in the West and how K-beauty is a large part of it.

New Growth Engine: Exports

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Aiming for global markets from the beginning and investing aggressively in research and development are key to the overseas success of small and medium-sized enterprises.  Korean-based Dr. Jart+ is living proof.

Known for its cosmetics products packaged in containers that look more like medicine than makeup.  Doesn't matter.  It worked.  The products have been featured in Vogue and InStyle, sold in Sephora, and in 2015, it became the first Korean cosmetics brand to receive equity investment from Estee Lauder.  Dr.Jart is now available in 15 countries across Asia, the Middle East, Europe and North America.

Wait.  There's more.

According to the analysis [a report released by the Korea International Trade Association], the biggest booster for SMEs going abroad was tackling foreign markets from its early stage of business just as Dr. Jart+ had. “While the globalization of local companies used to be based off a strong domestic business, born-global companies tackle markets at home and abroad at the same time,” the report said. 

It is essential for a company and a country to find a new growth engine:  exports.

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