K-Beauty Exports Drive Record ODM Earnings
Domestic cosmetics exports recorded $341 million from Aug. 1 to 10, surging 92.2% compared to the same period last year. The export growth rate in regions excluding Greater China reached 138.2%, indicating an acceleration in the market diversification of K-beauty. Cumulative exports from January to
Korean cosmetics exports surged 92.2% in the first ten days of August, reaching $341 million, marking a 27.6% increase year-over-year. This surge in exports, which is being driven by small and midsize companies and indie brands lacking their own manufacturing facilities, has led to record-breaking earnings for Original Design Manufacturing (ODM) companies in the cosmetics sector.
Kolmar Korea reported a consolidated sales figure of 861.3 billion won and an operating profit of 110.3 billion won in the second quarter, marking the first time since its foundation that it achieved 100 billion won in quarterly operating profit. Industry analysts attribute the growth to K-beauty's diversification away from its past China-centric business model, with exports to emerging markets, including Europe, the Middle East, and Latin America, rising to 63.3%.
Brief written by urgent.news from BusinessKorea's own syndicated text. Machine-written — it may contain errors, so check the original before relying on it.
