stripes.com 28 Dec, 2020 20:00 am

South Korea's beauty products industry turns ugly amid the pandemic's lifestyle changes

The pandemic has ushered in a slew of lifestyle changes that have made cosmetics less central to women's daily routines, and that's brought a halt to the wealth created by the rapid rise in popularity of Korean beauty products.

South Korea's beauty products industry turns ugly amid the pandemic's lifestyle changes A store employee applies a foundation in a Laneige sore in Singapore on Sept.That's brought a halt to the wealth created by the rapid rise in popularity of Korean beauty products and the dealmaking frenzy that followed.In the five years that followed, the country became the world's fourth-largest exporter of beauty products, and the deal volume ballooned to $5 billion, not including transactions for undisclosed sums.Three years ago, Suh Kyung-Bae was the second richest person in South Korea.

" Meanwhile, South Korea has new billionaires rising, like Seo Jung-jin, founder of pharmaceutical firm Celltrion Inc.The pandemic has taken a double hit on K-beauty, with social distancing and remote work lessening demand for makeup, and travel restrictions cutting off big-spending Chinese tourists.

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