Companies enjoy success at China Beauty Expo held from May 19 to 21 in Shanghai  

◇ The Gyeonggi Bio-Center (GGBC) of the Gyeonggi Institute of Science & Technology Promotion (GSTEP) concluded a strategic alliance with Taobao University on May 20 during China Beauty Expo 2015. ⓒ Gyeonggi G-News

Gyeonggi Province attended the China Beauty Expo, receiving a green light for entry into the Chinese beauty market.

According to a statement released by the province on May 25, a delegation from Gyeonggi Province and the Gyeonggi Bio-Center’s Regional Innovation System (RIS) attended the China Beauty Expo 2015 from May 19 to 21, realizing significant advances into the Chinese market.

The promotion booth established by provincial authorities was occupied by four cosmetics companies from the province: SH Global, Hansol Life Sciences, Cell Skin Korea and LF R&D Center. 

At the expo, these companies engaged in export-related consultations with cosmetics and beauty-related buyers from various countries including China. It was reported that they will be signing contracts worth a total of USD 1.09 million, raising expectations for acquiring overseas distribution channels. 

The China Beauty Expo was held at the Shanghai New International Expo Centre, which has an area of 150,000㎡ (approximately 45,375 pyeong). Ranked as Asia’s largest cosmetics and beauty expo fair, this year’s China Beauty Expo—with 6,433 booths in operation—was attended by 250,000 beauty-related officials and buyers from 80 countries.

Of particular note, the scale of participation by Korean cosmetics companies was unprecedented, drawing considerable attention. Gyeonggi Province and the Gyeonggi Institute of Science & Technology Promotion took part in the event in a bid to increase awareness of the provincial cosmetics industry and to pioneer overseas markets including China.

Concurrently, on May 20, during the expo period, the Gyeonggi Institute of Science & Technology Promotion formed strategic alliance with Taobao University for support in Chinese online distribution channels for one thousand bio-related companies within the province.

Taobao University was founded by Alibaba Group, China’s biggest e-commerce company. It supports entry by companies into the Taobao overseas direct purchase shopping mall, which is sometimes referred to as the Chinese version of Amazon. 

According to the terms of the alliance, both institutions will provide training and forums necessary for the entry of Gyeonggi Province’s cosmetics and bio-related companies into the Chinese market. In addition, Taobao University will identify various means by which companies can participate in the Tabao Shopping Mall and also facilitate sales cooperation, supporting the entry of the province’s companies into the market.

GGBC Chairman Oh Jwa-sup said, “The market size of the global cosmetics and beauty industry amounts to KRW 254 trillion, and is expected to grow to KRW 341 trillion by 2020.” He added, “We will do our utmost to pioneer overseas distribution channels for beauty-related SMEs within the province.”

ⓒ Gyeonggi G-News | Kim Jinkyoung jinkyoungkim@kg21.net 

http://gnews.gg.go.kr/news/news_detail.asp?number=201505261045114036C052&s_code=C052