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Friday August 12th, 2022
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Cosmetic Valley on a mission to Seoul to build a strategic partnership with K-Beauty

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Export is a formidable growth engine for companies in the French perfumery-cosmetics sector, the world leader operating in a fast-growing global market of 600 billion euros, driven mainly by Asia, with about 5% annual growth. In order to support SMEs and start-ups internationally and facilitate their access to new export markets, Cosmetic Valley is present at major trade shows. It also organizes international B to B operations, such as the one conducted in South Korea from May 22 to 27.

South Korea is indeed one of the most prosperous Asian markets. Less than ten years after deploying an ambitious strategy on K-beauty, the country whose national market amounts to 5.7 billion € in 2021 (Source: Ministry of Food and Drug Safety- South Korea), has become that same year the5th world exporter of cosmetics with more than 6 €billion exported. While Seoul announced on April 5, 2022 an investment of more than €150 million for the influence and attractiveness of K-beauty, Cosmetic Valley has just organized an economic mission to meet K-beauty players and lay the foundations for a strategic partnership between South Korea and France. The ambition is to strengthen research and training collaborations between universities, to support the innovation of start-ups and SMEs, and to develop the territorial attractiveness of these two destinations.

Supported by the European Commission as part of the Global Cosmetics Cluster Europe (GCC.EU), this mission organised with the support of the FKCCI enabled

8 French companies from 5 regions to promote their products and expertise and identify customers and distributors: Ouate (Hauts-de-France), Technature (Brittany), Ecomundo (Ile-de-France), Laboratoires Téane (Centre-Val de Loire), La Bouche Rouge (Centre-Val de Loire), Klytia (Ile-de-France), Ecocert (Occitanie), SDP Lab (Ile-de-France).

From an institutional point of view, Christophe Masson, CEO of Cosmetic Valley, has signed several partnerships with Osong Biovalley, the cosmetic association Ibita, distributors, and FKCCI. Exchanges with the economic services of the Embassy of France in Seoul and the local Business France office have made it possible to establish courses of action to strengthen the French presence in this strategic market.

During this mission, actions to promote French values were carried out
on the Cosmobeauty exhibition with the support of Vie (International Volunteer in Business) dedicated to the perfumery-cosmetics sector present in Seoul since February 2022 thanks to the recovery plan of the French State.

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