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POSCO DAEWOO promotes Korean cosmetics in Europe

POSCO DAEWOO promotes Korean cosmetics in Europe

A deal was signed to make products of Caolion Cosmetics and SKINFOOD
available at Boots
– POSCO DAEWOO will help their marketing, logistics and customs clearance
with its local business network
– The company will make itself a strategically important partner of Korean
cosmetics looking to enter Europe and other regions

POSCO DAEWOO has formed a partnership with Europe’s largest drugstore chain, Boots, a deal expected to help facilitate Korean cosmetics companies’ entry into the European market

Under the deal, products of two Korean cosmetics firms (Caolion Cosmetics and SKINFOOD) will be on sale at Boots’ 200 outlets in the United Kingdom and through the drugstore’s online shopping mall, Korea’s largest trading company said on Tuesday

Boots is the largest health and beauty products retailer in the U.K and has nearly 3,000 outlets in 25 countries

The deal marks the first case of Korean cosmetics brands entering the European market through a promotional event initiated by a British retailer. Boots inked the deal as part of its “K-Beauty” promotion

Four products from Caolion Cosmetics, including a facial mask sheet, and three from SKINFOOD, including facial black sugar scrub, will benefit from the event

The products will go on sale in the “Beauty Finds” and “Beauty Emporium” sections of Boots’ major outlets from February and will expand their presence to all the retailer’s outlets in phases

While POSCO DAEWOO has tried to promote Korean cosmetics in Europe through its marketing network there, the firm’s London office has managed issues related to customs clearance, logistics and store operation

The deal is considered a model form of mutual growth partnership between big and small companies, given that small and medium cosmetics firms were able to make forays into the European market by taking advantage of POSCO DAEWOO business network and the company can also cash in on it

“This is a big achievement because the European market that sets the trend of the world’s cosmetics business has recognized Korean cosmetics’ quality and brand value,” said Nam Si-Kyung, senior vice president.“Local buyers have recognized Korean cosmetics’ competence and value, so they are considering making more Korean products available (in Europe). I think POSCO DAEWOO will play a bigger role as a strategic partner of Korean cosmetics companies given Europe’s strict regulations on foreign cosmetics products and other issues related to marketing and sales”

Meanwhile, POSCO DAEWOO is in talks with Douglas, another major beauty product retailer in Europe, to pave the way for the retailer to sell Caolion Cosmetics’ products at its outlets. It is also working to find ways to promote Korean cosmetics in regions with big growth potential such as Eastern Europe, Latin America, South Africa and Southeast Asia

Source: DAEWOO

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