'Gangnam Beauty' Discusses $11.4 Billion Contract in Las Vegas, USA

Gangnam-gu Achieves $11.4 Million Contract Negotiations for ‘Gangnam Beauty’ in Las Vegas, USA

Six Companies Participate in North America’s Largest B2B Beauty Show ‘Cosmoprof North America Las Vegas’ from 11th to 13th

2023 North America Cosmoprof Gangnam Hall

Gangnam-gu (Mayor Jo Seongmyeong), in collaboration with the Korea International Trade Association, participated in the ‘Cosmoprof North America Las Vegas’ held in Las Vegas, USA, from the 11th to the 13th, achieving contract negotiations worth $8.8 million (approximately 11.4 billion KRW).

Now in its 20th year, Cosmoprof North America is the largest B2B beauty expo in the North American region and is considered one of the world’s top three beauty expos alongside Bologna Cosmoprof and Hong Kong Cosmoprof. Amid recent economic downturns in China and a preference for domestic products causing sluggish exports to China, domestic companies have been focusing on targeting the North American and Southeast Asian markets, drawing significant industry attention.

Six promising local beauty companies?Paket, Daisyque, Modam Global Nature, Raon Commerce, Caremile, and Coriel?showcased cosmetics and hair products, promoting the excellence of ‘Gangnam Beauty’ to the world. As a result, they conducted over 150 buyer consultations and achieved contract negotiations worth $8.8 million (11.4 billion KRW).

The district supported part of the participation costs for the six companies, while the Korea International Trade Association facilitated on-site buyer consultations and supported entry into TradeKorea (an online exhibition platform).

Looking ahead, Gangnam-gu plans to participate in the ‘Dubai Beautyworld’ exhibition held in Dubai at the end of October to target the Middle Eastern market, which has high potential for K-beauty consumption. Applications for companies wishing to participate in the Dubai exhibition are being accepted until July 28.

Jo Seongmyeong, Mayor of Gangnam-gu, stated, “We hope the achievements at this Cosmoprof exhibition will serve as a foothold for targeting the North American market,” and added, “We will continue to provide various support such as dispatching trade promotion teams and hosting investment attraction briefings to help excellent small and medium-sized enterprises in Gangnam expand into overseas markets.”

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