NextEye to Exclusively Supply Korean Cosmetics and Beauty Devices on Chinese Duty-Free Platform... Successful Start

[Asia Economy Reporter Hyungsoo Park] NextEye has launched cosmetics on Somigo, a duty-free shopping platform under China’s major department store group Wangfujing (王府井) and hotel group BTG Homeinns Hotels.

NextEye announced on the 18th that it achieved 70% of the order volume within 10 days after showcasing the initial shipment of cosmetics exported to Somigo. NextEye has signed an exclusive supply contract with Somigo for Korean cosmetics and beauty devices.

The initial shipment exported by NextEye in January consisted of 22 cosmetic SKUs (single products), totaling 187,810 units. Following China’s COVID-19 quarantine guidelines for imported goods, the products were placed in bonded warehouses after completing a 7-day quarantine. Actual sales began after the long Lunar New Year holiday, China’s largest festival.

A NextEye official said, "Due to explosive popularity among Chinese consumers, key products including basic cosmetics sold out, surpassing a combined order volume of 70%. Somigo has quickly requested a second shipment, and the third shipment is expected to be exported as early as this month."

The second export shipment currently being prepared includes 61 SKUs, totaling 333,155 units.

The company official added, "Through sales, we clearly understood which brands and products consumers prefer on the Somigo platform. For the second and third shipments, we will export a wider variety of products such as men’s products, hair care products, and health supplements to increase the number of SKUs."

Somigo is one of China’s eight major duty-free license holders. It is a duty-free e-commerce platform based on the member networks of the Wangfujing Group and BTG Homeinns Hotels Group. It supports fast cash flow for product suppliers through rapid new product launches, exemption from complex foreign currency payment systems, a 15-day payment cycle, and a duty-free policy.

This content was produced with the assistance of AI translation services.