By Park Si-soo
Korea’s mid-priced cosmetics brand Missha has opened two more outlets in Mexico, the company said Tuesday.
The outlets are in Naucalpan and Mexico City, two relatively affluent towns with famous private schools, upscale restaurants and shopping malls. The company has five outlets in the Central American country. Missha opened its first outlet there in September 2012.
The Mexican cosmetics market was estimated at $5.3 billion as of 2012, the second biggest after Brazil among Central and Latin American countries, according to the Foundation of Korea Cosmetic Industry Institute.
The foundation said in a recent report that demand for cosmetics for men was increasing, but Asian brands, including Missha, were still largely unknown in Mexico.
“We see big growth potential in Mexico,” said Lee Kwang-sup, chief manager of Missha’s overseas business. “We will continue to expand in the country to boost sales and public awareness in the country.”
Missha has nearly 1,300 outlets in 27 countries, including 16 in Latin America.