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Hyundai Department Store and the Shinsegae Group are entering a new kind of competition as both will be venturing into the premium cosmetics business. The companies have long been rivals but this is another level of their rivalry as they go from fashion to cosmetics.
Both Hyundai and Shinsegae have been successful in their foray into the luxury fashion market but as this sector is slowing down due to the COVID-19 pandemic, they are shifting and trying something new to fire up their growth engine again.
According to The Korea Times, the two companies are expecting that their customers who purchased luxury items from their stores will also be interested in their new premium cosmetic brands.
Shinsegae International, Shinsegae’s fashion and beauty arm, unveiled its cosmetics brand called Poiret, and Hyundai Department Store opened The Handsome, its first luxury skincare brand. So far, Poiret and The Handsome are doing well even if they are new names.
It was said that Shinsegae was actually preparing to launch Poiret in the last 10 years as part of its plans to expand its cosmetic biz through acquiring or importing well-known international labels, exclusively in South Korea. In fact, the company purchased a 100% stake in Swiss Perfection that owns Vidi Vici. Today it already has five private labels and 20 global brands in its portfolio.
"Cosmetics has already become an important growth engine in the fashion industry,” an official of Shinsegae International said. “Through continuous investments, the discovery of new brands with a high potential for growth, and by fostering our private brands, Shinsegae will establish ourselves both in the local and global beauty markets."
Meanwhile, it is not just Hyundai and Shinsegae that are focusing on cosmetics these days. Korea Joongang Daily reported that retail and fashion companies in the country have been jumping into the cosmetics bandwagon.
They are trying their hands on luxury cosmetics and the low entry barrier is said to be the main reason why companies have developed ambitions to grow in this line of business. Moreover, it was said that in comparison to other product categories, cosmetics leave high margins, and investment in facilities is not even needed since they can simply team up with equipment manufacturing companies.
