2018 K-BEAUTY EXPO opens way for exports of USD 12.68 million to Shanghai, a Chinese economic center
Createdd 2018-06-01 Hit 301
Prominent Korean beauty companies returned home after having successfully pioneered exports of USD 12.68 million to Shanghai, one of the largest commercial and financial cities in China.
Gyeonggi Province announced on May 23 that K-BEAUTY EXPO SHANGHAI, a 3-day event that was held at the National Exhibition and Convention Center (NECC) in Shanghai, from May 19 to 21, ended in success.
Sixty-seven Korean exhibitors that lead the K-Beauty market participated in the event, accounting for a total of 105 booths in the 190,000-square meter exhibition hall. From makeup to hair, nail and body care products, the carefully selected lines were tailored to cosmetic market trends in China and very well received by buyers.
The event received approximately 218,000 visitors in total, with 1,559 export consultations resulting in USD 12,680,000 in agreements taking place. Of these, at a 30% ratio, USD 3.8 million worth of agreements are still under review while USD 1.92 million in agreements were signed during the expo.
This exhibition, hosted by Gyeonggi Province and organized by KINTEX, was held in collaboration with the China International Beauty Expo (CIBE), China’s largest cosmetics trade fair, in which 2,200 overseas companies and large beauty companies participate, thus creating synergistic effects.
In order to maximize business results, Gyeonggi Province held 272 buyer-matching meetings and ad hoc export consultations with potential buyers from five global regions including the US, Hong Kong, Taiwan, and Turkey, and provided interpreters free of charge to facilitate consultations.
Of particular note, participating companies expressed high satisfaction with the one-to-one matching consultations held with 38 overseas buyers, each with annual sales of more than USD 5 million, as these export consultations resulted in agreements valued at USD 2.96 million.
The Shanghai region has the highest import rate of Korean cosmetics in China, and the demand for “well-being” products is also rising in tandem with recent increases in income levels. This exhibition was also an opportunity to confirm the strong interest of buyers in Korean natural cosmetics and mask packs.
The next 2018 K-BEAUTY EXPO will take place in June in Vietnam’s economic capital, Ho Chi Minh City.