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Magnificence corporations share globalization technique at Commerce Week 2021

Economic

Magnificence corporations share globalization technique at Commerce Week 2021

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Cosmetics and beauty industry leaders shared their thoughts on K-beauty’s growth potential on Thursday at Trade Week 2021, a four-day global conference organized by the Seoul Business Agency to support small and medium-sized businesses. In Seoul.

Lee Seon-young, L’Oreal’s Chief Digital Officer, opened the seminar and explained how digitization is changing the company’s business strategy.

“We don’t think the surge in online business is a passing phenomenon in the COVID-19 era, as our lives are moving to the online world, we believe the whole retail ecosystem is now changing,” Lee said when she explained how L’Oreal uses digital tools to promote sales.

Lee explained various areas that L’Oreal is using digital technology to promote its products, such as live mobile commerce platforms, and how the French beauty company successfully moved some of its offline businesses online.

In the second session, Lee Young-ah, Head of Global Business at Olive Young, shared her thoughts on the importance of cross-border e-commerce platforms for small local beauty product manufacturers.

“Without a doubt, K-beauty is making remarkable successes worldwide and is growing in double digits every year. This is not just the influence of K culture, it is a reflection of the quality of Korean beauty products, ”she said.

“We believe that small beauty companies will be successful in exporting if they use cross-border e-commerce platforms effectively.”

Lee Hyeon-ju, CEO of influencer agency DMIL, explained how small beauty companies can partner with beauty influencers to expand their brand presence abroad.

The event, which takes place at the FIC Convention Hall on Sebitseom in southern Seoul, ends its four-day run on Friday.

On the final day, food marketer and TV personality Noh Hee-young gives a speech about the globalization strategy of Bibigo, a Korean kitchen brand from CJ CheilJedang.

Barry Eichengreen, UC Berkley economics professor and former advisor to the International Monetary Fund, will also share his insights into how local businesses can successfully navigate the ongoing trade war between China and the US.

By Kang Jae-eun (kang.jaeeun@heraldcorp.com)

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