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Affordable cosmetics become new blue ocean for retail giants
Emart promotes its new GLOW:UP by Beyond cosmetic lineup developed by LG H&H, at its store, Sunday. Courtesy of Emart
By Ko Dong-hwan
Affordable cosmetic products are becoming a new blue ocean for retail giants in Korea as more companies are introducing products or forming partnerships to do so.
Behind the trend is a surge in retail prices that has led to a slump in consumption. With shoppers looking for more affordable options, beauty product makers are increasingly responding to demand for less expensive alternatives.
Major superstore chain Emart and Korean beauty product giant LG H&H have introduced a new line of cosmetic products offering smaller amounts for similarly lower prices. Eight different skincare products under the company's Beyond brand sell for less than 5,000 won ($3.50), including toner, serum, moisturizer and multi balm, all containing ingredients like collagen, bakuchiol and glutathione.
The products all come in amounts of 150 milliliters or less. Emart said the products cater to the current "slow-aging" beauty trend.
LG H&H, which owns premium beauty brands like Whoo and Ohui, said its partnership with Emart came about as beauty product consumers have become increasingly interested in value. The company also emphasized that lower prices for consumers did not equate to lower quality.
“Other than the varying amounts, we never intended to compromise on ingredients or other elements of quality in our small portion products,” a representative said.
Emart said it had been eyeing the low-price beauty product market carefully as interest increased before deciding on new products for its shelves.
“We’ve seen rising domestic need for cheaper products. As a result, we decided to work with the nation’s most important beauty market player. Many people no longer believe that expensive means a better product,” an Emart official said. “If the new products perform well, we’ll expand this cost-effectiveness strategy in future lineups.”
The low-price beauty trend became a nationwide hit last year when retail company Daiso started selling the VT Cosmetics’ Reedle Shot ampoule (2 mL) for 3,000 won each. As of last year, the company’s beauty products included 59 brands and 466 different products. In 2023, it held only 26 brands with 250 products.
While Daiso posted overall sales of 4 trillion won in 2024, a 15 percent year-on-year increase, the company’s beauty sector saw its sales jump by 144 percent from the previous year.
The country’s largest convenience store brands have also begun selling low-priced cosmetic products. Last September, CU partnered with Korean brand Angel Looka to release products priced at 3,000 won. GS25 now has a partnership with Dewytree for products with price tags of 500 won, 5,000 won and 7,000 won each.