K-beauty brands double down on US despite tariffs
On the back of the popularity for cultural exports such as K-Pop and their roaring online sales through Amazon, South Korea's cosmetic startups are making a big push to supply major US retailers.
South Korea's top five cosmetics brands in the US saw their US online sales grow by 71% on an annualized average over the past two years, according to data from Euromonitor provided to Reuters. Top five French brands including L'Oreal Paris, Dior and Lancome posted a 15% sales growth during the same period.
But as part of his recently announced universal tariffs, US President Donald Trump announced a 25% tariff on South Korea, which was temporarily reduced to 10% for 90 days until July 8. Beyond the tariffs, Korean brands are already facing challenges from cheaper Chinese rivals in some emerging markets such as Southeast Asia and Latin America, experts and executives said.
REUTERS VIDEO
Subscribe to The Manila Times Channel - https://tmt.ph/YTSubscribe
Visit our website at https://www.manilatimes.net
Follow us:
Facebook - https://tmt.ph/facebook
Instagram - https://tmt.ph/instagram
Twitter - https://tmt.ph/twitter
DailyMotion - https://tmt.ph/dailymotion
Subscribe to our Digital Edition - https://tmt.ph/digital
Check out our Podcasts:
Spotify - https://tmt.ph/spotify
Apple Podcasts - https://tmt.ph/applepodcasts
Amazon Music - https://tmt.ph/amazonmusic
Deezer: https://tmt.ph/deezer
Stitcher: https://tmt.ph/stitcher
Tune In: https://tmt.ph/tunein
Soundcloud: https://tmt.ph/soundcloud
#TheManilaTimes
#tmtnews
#ustariffs
