The Ministry of SMEs and Startups said on the 26th that it will begin recruiting small and mid-size companies to participate in the "K-Brand Challenge" starting on the 27th.
The K-Brand Challenge is a program that supports overseas expansion for small and mid-size companies in the consumer goods sector with global competitiveness. Launched last year focusing on beauty as the "K-Beauty Creator Challenge," it has been expanded this year to fashion and lifestyle and the program name has been changed.
Eligible applicants are small and mid-size companies that own their own brands in beauty, apparel, and lifestyle, and are either domestic-only companies or early-stage exporters with less than $5 million in exports in the previous year.
Three companies will be selected in each category through the preliminary, main, and final rounds, for a total of nine. Benefits for selected companies include participation in domestic and overseas pop-up stores, consultations with overseas buyers and investors, online marketing support, and priority selection for the export voucher and overseas certification support programs. Startups will also receive preferences under the initial startup package program.
Sim Jae-yun, director general for global growth policy at the Ministry of SMEs and Startups (MSS), said, "The global consumer interest in and enthusiasm for K-brand that began with beauty is now spreading across consumer goods, including fashion and lifestyle," and added, "We will increase policy support so that excellent products from promising small and mid-size companies can enter global markets in greater numbers, elevate the status of K-brand, and lead small and mid-size company exports."