LF Beauty: meeting Asian consumers’ needs has ‘never been more challenging’
By Lucy Whitehouse +, 13-Jul-2016, cosmeticsdesign-asia
The president of LF Beauty, a third party manufacturer and supplier, has spoken of the challenges and opportunities being posed for beauty by the Asia market.
The article outlines that it has never been more challenging, while there have never been more opportunities for brands to satisfy the customers’ needs. According to Raymond “Asian beauty is now setting the pace for the world”. China’s customers have a rising demand for K-beauty products, whereby Korean brands face the challenge of acting with insider knowledge of the Chinese market.
Indeed, the Korean International Trade Association found out that Korean companies accounted for 22.1% of China’s imported cosmetics in 2015, closing the gap with the French who have a market share of 30.6%. During the first seven months of the year, China’s imports of cosmetics products rose 36.1% to $1.67 billion.