The Ministry of SMEs and Startups and Korea International Exhibition said on the 27th they will host CosmoBeauty Seoul × K-Beauty Festa at COEX in Seoul.
The event, held from today to the 29th, is an international exhibition that has been held annually since 1987 to support overseas expansion of promising domestic cosmetics corporations. Since last year, it has been operated with the private sector leading the event and the government providing support.
This year's event will feature participation by 521 domestic corporations. Overseas buyers from 56 countries and 180 companies are also invited, making it the largest ever. During the event, programs such as exhibitions and trials of outstanding products, export consultations with overseas buyers, and seminars on strategies for entering global markets will be held.
Exhibition booths will be set up where attendees can directly try and consult on participating corporations' products, and a special hall will introduce 14 products selected for "Rookie of the Year" for recognized innovation and growth potential. Joint pavilions will also be created with corporations supported by Bucheon Industry Promotion Foundation, Jeju Technopark, and Incheon Technopark. A "Premium Bridge Zone" showcasing 40 outstanding products will also be prepared.
The export consultation program has also been strengthened. Global distribution corporations including Fnac Darty, a French distributor of home appliances and cultural goods, Holt Renfrew, a Canadian luxury department store chain, and Mercado Libre, Latin America's largest e-commerce platform, will participate and meet with domestic corporations.
In addition, seminars introducing the latest trends in overseas cosmetics markets will be held. In addition to conferences providing country-specific cosmetics regulations and certification information, networking programs among participating corporations will also take place.
Minister Han Seong-sook of the Ministry of SMEs and Startups (MSS) said, "At the center of the growth of Korean cosmetics—which achieved a record high export value of $11.4 billion last year and has been setting new annual export records—lies the innovation capacity of small and midsize brand companies," adding, "We will prepare measures for the overall ecosystem to grow, including beauty devices, eco-friendly raw materials, and packaging beyond cosmetics."