China fell from 19.6% to 14.4% of K-beauty exports. Time to pull back?
If there's one number export teams stared at in the H1 data, it's this: China's share dropped from 19.6% to 14.4%. Exports there fell 6.6% to $1.01B.
China once took close to half of Korea's cosmetics exports, so opinions are split.
Positions you hear a lot
- "Local Chinese brands got too strong; the cost-to-return isn't there anymore"
- "Move the Tmall and Douyin budget to Amazon and TikTok Shop US"
- "It's still the No. 2 market in absolute terms; leaving is premature"
- "Stay, but shift to ODM production or B2B for Chinese clients"
Over the same period the US grew 41.5% to $1.45B. The center of gravity is clearly moving, but every brand's situation is different.
How is your company handling China right now: scaling down, holding, or treating the slump as an opening? Tell us why.
Source: Seoul Economic Daily — K-Beauty Exports Hit Record $7 Billion in First Half
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