The BTS effect: K-beauty brands target US despite tariffs
STORY: First it was BTS and other K-pop megastars conquering the U.S. market.
Now South Korea's K-beauty brands want to repeat the trick.
The country's cosmetics firms are planning a big push into the U.S., and they're undeterred by tariffs.
Beauty brand Tirtir will be one of the first, after its foundation for dark skin tones became a viral sensation.
Its products will be sold at some U.S. stores from this summer.
Company Chief Executive An Byung-jun has no doubt what made the move possible:
'K-culture: things like Psy in the past, BTS, and then Korean dramas and films like 'Parasite'. Those really paved the way.'
Also heading stateside is South Korea's dominant beauty retailer, Olive Young, which plans to open its first U.S. store as early as this year.
So too is d'Alba Global - known for its vegan serums and tone-up sunscreens.
It's talking to Costco, Target and other retailers, and company overseas business director Myeong Jae-hoon says the rush of new brands to the U.S. will make marketing vital:
'Since many K-beauty brands are entering the market around the same time, it's going to be even more important for each brand to clearly differentiate itself. Without establishing a strong brand identity, it could become difficult to stay competitive — that's how I see it.'
Demand is already booming for South Korea's top five cosmetics brands, with U.S. online sales rising at an annualized average of 71% over the past two years.
But the Korean firms can't escape Donald Trump's tariffs on the country's goods - currently 10%, but set to rise to 25% if there's no trade deal.
Tirtir says it will have to raise prices if the higher rate kicks in, but it's still aiming to double its U.S. sales this year.
Tariffs or no tariffs, American consumers are about to get the K-beauty treatment.
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