Business leaders in the cosmetics and beauty industry shared their thoughts on the growth potential of K-beauty on Thursday, at Trade Week 2021, a four-day global conference organized by the Seoul Business Agency to offer support for small and medium-sized enterprises in Seoul. 

L’Oreal’s Chief Digital Officer Lee Seon-young kicked off the seminar, explaining how digitalization is changing the company’s business strategy.

“We do not think the rise in online business is a temporary phenomenon in the COVID-19 era, as our life transitions into the online world, we believe that now, the entire ecosystem of retail is changing,” said Lee as she explained how L’Oreal is utilizing digital tools to promote sales. 

Lee explained various areas L’Oreal is using digital technology in to promote its products, such as mobile live commerce platforms, and how it has successfully shifted some of its offline businesses online.  

In the second session, Lee Young-ah, the head of global business at Olive Young, shared her thoughts on the importance of cross-border e-commerce platforms for small local beauty product makers. 

“K-beauty is without a doubt making remarkable success globally, growing by double digits every year. This is not just the impact of K-culture, but a reflection of the quality of Korean beauty products,” she said. 

“We believe that small beauty companies will be able to succeed in exports, if they effectively utilize cross-border ecommerce platforms.”

In the third session, Kwon Ki-baik, Chief Financial Officer of the DMIL influencer agency, explained how small beauty companies can collaborate with beauty influencers to expand their brand presences overseas. 

The event taking place at the FIC Convention Hall on Sebitseom in southern Seoul closes its four-day run Friday. 

On the last day, food marketer and TV personality Noh Hee-young is to give a speech on the globalization strategy behind Bibigo, a Korean cuisine brand from CJ CheilJedang. 

Barry Eichengreen, an economics professor from UC Berkley and former adviser to the International Monetary Fund, will also give his insights on how local companies can successfully navigate the ongoing trade war between China and the United States.