In the beauty industry targeting domestic and overseas markets, leaders born in the 1980s and 1990s are coming to the fore. As strategies centered on online channels and social media (SNS) strengthen to reach the global MZ generation (born in the early 1980s to early 2000s), which has risen as a key consumer group, the analysis is that a young, trendy sensibility is becoming a core management attribute.
According to the Financial Supervisory Service's Data Analysis, Retrieval and Transfer System (DART) on the 2nd, most of APR's key executives, including the CEO, were born in the 1980s. Including CEO Kim Byung-hoon, 7 of the 9 executives were born in the 1980s, and 1 was born in the 1990s. Only Executive Director Shin Jae-woo, an executive in charge of research and development (R&D) recruited based on external experience, was born in 1974.
Many APR executives have worked closely with CEO Kim since the company's early days. Executive Vice President Lee Min-kyung, who oversees overseas business, was born in 1988 and has been with the company since 2014. Director Lim Yoon-ji, who serves as Deputy Minister of domestic business, was born in 1992 and joined in 2015, and Vice President and Chief Financial Officer (CFO) Shin Jae-ha was born in 1983 and came on board in 2016.
Born in 1988, CEO Kim founded the cosmetics brand April Skin in 2014 with former co-CEO Lee Joo-gwang (born in 1987), and in 2019 changed the corporate name to APR and shifted to a sole-CEO structure. Since then, the company has continued its growth centered on the Medicube brand.
Now in its 12th year, APR's rapid growth in a short period is attributed to the use of SNS such as TikTok and Instagram and influencer marketing. Sales through offline stores are also increasing, but the company is still focused on targeting online platforms such as TikTok Shop and Amazon.
Emerging beauty brands like APR generally have a high proportion of young management. CEO Cheon Ju-hyeok, who founded Goodai Global, which owns Beauty of Joseon, TIRTIR and SKINFOOD, was born in 1987. Goodai Global started as a distribution company and accelerated mergers and acquisitions (M&A) starting with Beauty of Joseon in 2019.
Park Jae-bin, CEO of Beauty Selection, who drew attention on Amazon in the United States with the skincare brand BIODANCE, is reportedly born in 1990. After graduating from college, Park worked at Altos Ventures and the global video streaming platform Hyperconnect, and founded the company in 2020.
CEOs Lee Sun-hyung and Lee Chang-ju of The Founders, which is expanding its presence in the global market with the Anua brand, including Houttuynia cordata toner, were born in 1988. Anua entered the North American market via Amazon in 2022, and last year made the Amazon top brands list.
Young leaders are also on the rise in the beauty divisions of large corporations. Lee Seung-min, appointed as Shinsegae Group's first female CEO and head of Shinsegae International's cosmetics division, was born in 1985. A former L'Oréal executive, Lee was promoted to CEO in recognition of growing the AMUSE brand.
This year, Shinsegae International plans to focus on growing its in-house beauty brands, including AMUSE, VIDIVICI and YEHWADAM, with Lee at the center. In particular, AMUSE will strengthen its push into overseas markets, not only in Asia but also in Europe and North America, based on its young and mainstream image.
Amorepacific, where executives born in the 1960s and 1970s still make up the mainstream, has assigned women executives born in the 1980s to the global marketing divisions of its flagship beauty brands Sulwhasoo and Laneige. LG H&H also has two women executives born in the 1980s leading its marketing side.
The global expansion of Korea's cosmetics industry, known as K-beauty, continues. According to the Ministry of Trade, Industry and Resources, last year's cosmetics exports hit a record high of $11.4 billion, up 12.3% from a year earlier. By country, the United States ($2.2 billion) was the largest destination, followed by China ($2.0 billion) and Japan ($1.1 billion).