Latest news with #HyunsuYim
Yahoo
a day ago
- Business
- Yahoo
Korean beauty startups bet booming US demand outlasts tariff pain
By Hyunsu Yim, Hyunjoo Jin SEOUL (Reuters) -Emboldened by roaring online success in the U.S., South Korea's cosmetic startups are expanding their bricks-and-mortar presence in the world's biggest consumer market, confident their mass appeal will offset the hit from tariffs. Brands like Tirtir, d'Alba, Torriden, and Beauty of Joseon are in talks with major retailers to stock their U.S. shelves, company executives have told Reuters. Korean beauty, or "K-beauty", products are able to compete globally on quality, price and snappy marketing and have benefited greatly from the success of the Asian export giant's other consumer hits, namely its music, film and television. "K-culture — things like PSY in the past, BTS, and then Korean dramas and films like 'Parasite' — those really paved the way," Tirtir CEO An Byung-Jun said. "In the U.S. market, there was already growing interest in South Korea. Then Korean cosmetics entered the scene. The quality was good, but the prices were lower than the existing luxury brands like L'Oreal or Estee Lauder." Tirtir's profile shot up last year following the viral online success of its cushion foundation shades designed for dark skin. The product will be sold at some U.S. stores of Ulta Beauty this summer, An told Reuters, adding it aims to double U.S. sales this year. Retailers in the U.S. from Sephora and Ulta Beauty to Costco and Target are in talks with Korean cosmetics brands to launch sales in their physical stores, according to Reuters' interviews with a dozen people including cosmetics company CEOs, executives and industry experts. They also expect Korean brands to weather tariffs better than rivals thanks to higher margin business models. Many of them outsource production to contract manufacturers like Cosmax and Kolmar, dubbed the Foxconns of fast beauty, to keep costs down. South Korea overtook Germany to become the world's third-largest beauty product exporter after France and the U.S. in 2024. Four fifths of its $13 billion cosmetics output are for exports, which have predominantly been driven by e-commerce sales. Yuliet Mendosa, a 25-year-old visiting Seoul from America, is a fan of K-pop boy band BTS, which led her to greater interest in K-beauty products. "They go straight to the point to fix what you need to fix and your skin," she said at an Olive Young store. CHANGING LANDSCAPE The U.S. push comes at a tricky time for the world's big exporters with President Donald Trump's sweeping tariffs unsettling global trade. But while the levies create uncertainty for Korea's beauty exporters, strong demand is expected to mitigate some of this, executives say. South Korea's dominant beauty retailer Olive Young plans to set up its first U.S. store in Los Angeles as early as this year, Jin Se-hoon, Executive Vice President of the company's global platform business, told Reuters. "The U.S., especially California, has by far the most customers for our global online shopping platform," Jin said. He said Washington's tariffs were a burden but not enough to hurt K-beauty's popularity and value-for-money proposition. Their U.S. expansion, despite tariffs, also seeks to sustain momentum after exports to China, the biggest overseas market for K-beauty, fell due to geopolitical tensions and competition. Skincare brand d'Alba, owned by d'Alba Global and known for its vegan mist serum and sunscreens, is in talks with Costco, Ulta Beauty and Target for retail distribution, the company said. LVMH's cosmetics chain Sephora plans to launch two new Korean brands Torriden and Beauty of Joseon this summer, according to a Sephora spokesperson. Costco, Target and Ulta did not respond to requests for comments. Tirtir's An said the baseline 10% tariff that the U.S. has already imposed is "endurable" although the planned 25% tariff on South Korean products due in July may force the company to raise prices "a little bit." Seoul, a major U.S. ally, is seeking tariff exemptions in trade talks with Washington. The Founders--the maker of Anua skincare products, which hit Ulta Beauty shelves this year--also have more room to absorb higher tariffs than rivals, its strategy team leader Jung Jun-ho said. The company posted an operating profit margin of over 30% last year. NICHE BRANDS South Korea replaced France as the biggest cosmetics exporter to the U.S. in 2024, according to official data, driven by online sales through Amazon. The top five Korean cosmetics brands in U.S. e-commerce--which include Beauty of Joseon, Medicube and Biodance--saw online sales grow 71% on average over the past two years, outperforming the overall U.S. market's 21% growth, according to Euromonitor data. The top five French brands--which include L'Oreal Paris, Dior and Lancome--posted 15% growth over that period. Social media has played a big part in Korea's success. "Nowadays a single viral TikTok video or influencer endorsement can turn a product into a global bestseller before it even launches outside Korea," said South Korea-based beauty marketer Odile Monod. But longer-term success will require increased physical store sales, said Jason Kim, CEO of cosmetics distributor Silicon2. There are already signs of growth plateauing for some companies, such as startup COSRX, now part of Korean cosmetics giant AmorePacific, as competition heats up and cheaper alternatives emerge, analysts said. For now, investors remain upbeat about Korean potential, with shares of d'Alba Global more than doubling since their debut last month. "The K-beauty trend is strong," Silicon2's Kim said. "But indie brands will face challenges too." Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Yahoo
a day ago
- Business
- Yahoo
Korean beauty startups bet booming US demand outlasts tariff pain
By Hyunsu Yim, Hyunjoo Jin SEOUL (Reuters) -Emboldened by roaring online success in the U.S., South Korea's cosmetic startups are expanding their bricks-and-mortar presence in the world's biggest consumer market, confident their mass appeal will offset the hit from tariffs. Brands like Tirtir, d'Alba, Torriden, and Beauty of Joseon are in talks with major retailers to stock their U.S. shelves, company executives have told Reuters. Korean beauty, or "K-beauty", products are able to compete globally on quality, price and snappy marketing and have benefited greatly from the success of the Asian export giant's other consumer hits, namely its music, film and television. "K-culture — things like PSY in the past, BTS, and then Korean dramas and films like 'Parasite' — those really paved the way," Tirtir CEO An Byung-Jun said. "In the U.S. market, there was already growing interest in South Korea. Then Korean cosmetics entered the scene. The quality was good, but the prices were lower than the existing luxury brands like L'Oreal or Estee Lauder." Tirtir's profile shot up last year following the viral online success of its cushion foundation shades designed for dark skin. The product will be sold at some U.S. stores of Ulta Beauty this summer, An told Reuters, adding it aims to double U.S. sales this year. Retailers in the U.S. from Sephora and Ulta Beauty to Costco and Target are in talks with Korean cosmetics brands to launch sales in their physical stores, according to Reuters' interviews with a dozen people including cosmetics company CEOs, executives and industry experts. They also expect Korean brands to weather tariffs better than rivals thanks to higher margin business models. Many of them outsource production to contract manufacturers like Cosmax and Kolmar, dubbed the Foxconns of fast beauty, to keep costs down. South Korea overtook Germany to become the world's third-largest beauty product exporter after France and the U.S. in 2024. Four fifths of its $13 billion cosmetics output are for exports, which have predominantly been driven by e-commerce sales. Yuliet Mendosa, a 25-year-old visiting Seoul from America, is a fan of K-pop boy band BTS, which led her to greater interest in K-beauty products. "They go straight to the point to fix what you need to fix and your skin," she said at an Olive Young store. CHANGING LANDSCAPE The U.S. push comes at a tricky time for the world's big exporters with President Donald Trump's sweeping tariffs unsettling global trade. But while the levies create uncertainty for Korea's beauty exporters, strong demand is expected to mitigate some of this, executives say. South Korea's dominant beauty retailer Olive Young plans to set up its first U.S. store in Los Angeles as early as this year, Jin Se-hoon, Executive Vice President of the company's global platform business, told Reuters. "The U.S., especially California, has by far the most customers for our global online shopping platform," Jin said. He said Washington's tariffs were a burden but not enough to hurt K-beauty's popularity and value-for-money proposition. Their U.S. expansion, despite tariffs, also seeks to sustain momentum after exports to China, the biggest overseas market for K-beauty, fell due to geopolitical tensions and competition. Skincare brand d'Alba, owned by d'Alba Global and known for its vegan mist serum and sunscreens, is in talks with Costco, Ulta Beauty and Target for retail distribution, the company said. LVMH's cosmetics chain Sephora plans to launch two new Korean brands Torriden and Beauty of Joseon this summer, according to a Sephora spokesperson. Costco, Target and Ulta did not respond to requests for comments. Tirtir's An said the baseline 10% tariff that the U.S. has already imposed is "endurable" although the planned 25% tariff on South Korean products due in July may force the company to raise prices "a little bit." Seoul, a major U.S. ally, is seeking tariff exemptions in trade talks with Washington. The Founders--the maker of Anua skincare products, which hit Ulta Beauty shelves this year--also have more room to absorb higher tariffs than rivals, its strategy team leader Jung Jun-ho said. The company posted an operating profit margin of over 30% last year. NICHE BRANDS South Korea replaced France as the biggest cosmetics exporter to the U.S. in 2024, according to official data, driven by online sales through Amazon. The top five Korean cosmetics brands in U.S. e-commerce--which include Beauty of Joseon, Medicube and Biodance--saw online sales grow 71% on average over the past two years, outperforming the overall U.S. market's 21% growth, according to Euromonitor data. The top five French brands--which include L'Oreal Paris, Dior and Lancome--posted 15% growth over that period. Social media has played a big part in Korea's success. "Nowadays a single viral TikTok video or influencer endorsement can turn a product into a global bestseller before it even launches outside Korea," said South Korea-based beauty marketer Odile Monod. But longer-term success will require increased physical store sales, said Jason Kim, CEO of cosmetics distributor Silicon2. There are already signs of growth plateauing for some companies, such as startup COSRX, now part of Korean cosmetics giant AmorePacific, as competition heats up and cheaper alternatives emerge, analysts said. For now, investors remain upbeat about Korean potential, with shares of d'Alba Global more than doubling since their debut last month. "The K-beauty trend is strong," Silicon2's Kim said. "But indie brands will face challenges too." Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Yahoo
3 days ago
- Business
- Yahoo
South Korean delivery workers allowed rare pause in services to vote in snap election
By Hyunsu Yim SEOUL (Reuters) -South Korean e-commerce and courier companies agreed to a rare halt of their delivery services on Tuesday to allow busy delivery workers time to cast their ballot in the country's snap presidential election after pressure from unions and activists. Asia's fourth-largest economy has a highly tuned e-commerce sector and South Koreans typically rely on couriers to deliver everything from fresh food to clothing, often in a matter of hours, with the service normally available throughout the year. South Korea's biggest e-commerce platform Coupang, agreed to halt express deliveries for the first time since it launched in 2014, joining other local delivery services such as CJ Logistics and Hanjin Logistics. "Rocket delivery will be paused during the day on June 3," New York-listed Coupang said in a notice on its platform, pausing deliveries between 7 a.m. and 8 p.m. Most of the tens of thousands of delivery workers in South Korea are considered gig workers or self-employed and do not enjoy the same legal protections as permanent employees. The job is also notorious for long working hours and a heavy workload, with couriers complaining they have seen few of the benefits from an improvement in labour rights in other sectors. The agreement to temporarily halt services during the polls, was positively received by some workers. "I welcome the decision. But on the other hand, it is a little regrettable that night drivers cannot rest," said Cho Shin-hwan, a Coupang courier, who had to work on past elections. Nearly 8 in 10 eligible voters in South Korea voted in the last presidential election in 2022, a far higher turnout than recent elections held in other democracies such as the United States and Japan. Presidential election days are designated as a national holiday in South Korea to encourage workers to vote, with polls for the snap election staying open between 6 a.m. (Monday 2100 GMT) and 8 p.m. (1100 GMT) on Tuesday. "Those affected worked hard to achieve this," said Kim Eun-jung, Deputy Secretary General at the People's Solidarity for Participatory Democracy, a non-governmental body, highlighting how delivery workers were excluded from current labour protection laws. The June 3 presidential election was called after the Constitutional Court ousted president Yoon Suk Yeol earlier this year for his short-lived imposition of martial law on December 3.
USA Today
12-02-2025
- Politics
- USA Today
North Korea condemns Donald Trump's proposal to take over Gaza as 'bluster'
Hyunsu Yim Reuters Hear this story SEOUL, Feb 12 - North Korean state media on Wednesday denounced U.S. President Donald Trump's proposal to take over Gaza and relocate Palestinians as bluster and accused Washington of robbery. The slim hopes of Palestinians for safety and peace are being crushed by the proposal, a commentary carried by the Korean Central News Agency (KCNA) said, without directly naming Trump. "The world is now boiling like a porridge pot over the U.S.' bombshell declaration," KCNA said. The commentary is aimed at Trump's shock announcement that the U.S. intends to remove Gaza residents and transform the war-ravaged territory into what the president billed as a "Riviera of the Middle East". The KCNA commentary also criticized the Trump administration over its calls to take over the Panama Canal and Greenland, and its decision to change the name of the "Gulf of Mexico" to the "Gulf of America". "The U.S. should awaken from its anachronistic daydream and stop at once the act of encroaching upon the dignity and sovereignty of other countries and nations," the KCNA report said, while calling the U.S. a "ferocious robber." Trump held unprecedented summits with North Korean leader Kim Jong Un during his first term and has touted their personal rapport. The U.S. president recently said he would reach out to Kim again, though so far Pyongyang's state media has barely commented on Trump's second term while continuing to lash out at what it views as the grave security threat posed by Washington and its allies. North Korea, which often argues against Western views on international issues, has been outspoken about the situation in Gaza, blaming Israel for the bloodshed and calling the United States an "accomplice." (Reporting by Hyunsu Yim; Editing by Ed Davies, Michael Perry and Gerry Doyle)
Yahoo
12-02-2025
- Politics
- Yahoo
North Korea condemns Trump's Gaza takeover proposal as 'ludicrous'
By Hyunsu Yim SEOUL (Reuters) - North Korean state media on Wednesday denounced U.S. President Donald Trump's proposal to take over Gaza and relocate Palestinians as ludicrous and accused Washington of extortion. The slim hopes of Palestinians for safety and peace are being crushed by the proposal, a commentary carried by the Korean Central News Agency (KCNA) said, without directly naming Trump. See for yourself — The Yodel is the go-to source for daily news, entertainment and feel-good stories. By signing up, you agree to our Terms and Privacy Policy. "The world is now boiling like a porridge pot over the U.S.' bombshell declaration," KCNA said. The commentary is aimed at Trump's shock announcement that the U.S. intends to remove Gaza residents and transform the war-ravaged territory into what the president billed as a "Riviera of the Middle East". The KCNA commentary also criticised the Trump administration over its calls to take over the Panama Canal and Greenland and its decision to change the name of the "Gulf of Mexico" to the "Gulf of America". "The U.S. should wake up from its anachronistic delusion and immediately stop violating the dignity and sovereignty of other countries and peoples," the KCNA report said, while calling the U.S. an "extortionist". Trump held unprecedented summits with North Korean leader Kim Jong Un during his first term and has touted their personal rapport. The U.S. president recently said he would reach out to Kim again, though so far Pyongyang's state media has barely commented on Trump's second term while continuing to lash out at what it views as the grave security threat posed by Washington and its allies. North Korea, which often argues against Western views on international issues, has been outspoken about the situation in Gaza, blaming Israel for the bloodshed and calling the United States an "accomplice."
