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.”
Korea’s largest beauty company, AmorePacific, reported that its first-quarter sales increased by 60 percent compared to the same period last year. The company attributes this growth to its U.S. expansion, with top-selling brands like Sulwhasoo for the luxury market, Laneige for the mid-range market, and Innisfree for the low-cost market….