Deep Losses in China Force Korean Beauty Companies to Expand in North America

To reduce their dependence on China, Korean beauty companies are accelerating their entry into the U.S. market where favorability for Korean products is increasing. The photo shows AmorePacific as a sponsor promoting cosmetics during the concert of the boy band BTS at SoFi Stadium in Los Angeles from November 27 to 28, 2021. Courtesy of AmorePacific

Korean firms have begun expediting their expansion into North America to reduce their dependence on Chinese customers due to difficulties sustaining product sales in China under the Chinese Communist Party’s (CCP) zero-COVID policy.

Korea’s success in the United States, where their beauty products are rapidly gaining popularity, has been facilitated in part by the Korean boy band BTS and the hugely popular Netflix series “Squid Game.”