'K-beauty support': Minister of SMEs and Startups Lee So-young visits Kolmar Korea's Sejong plant

[Financial News] Minister of SMEs and Startups Lee So-young visited Kolmar Korea's Sejong plant on the 16th to assess the competitiveness of the K-beauty industry and hear about challenges facing the sector.
Kolmar Korea said on the 18th that Minister Lee toured its main production facilities to assess the company's cosmetics technology before holding a meeting. Attendees included Minister Lee, Director Sim Jae-yun, Park Seung-rok, head of the Daejeon-Sejong Regional Office of SMEs and Startups, and Kolmar Korea CEO Choi Hyun-gyu, Head of Production Lee Young-joo and Sejong Plant Manager Kim Young-hyun. They shared challenges facing the beauty industry and discussed policy directions and support measures to strengthen the competitiveness of cosmetics companies.
The visit to Kolmar Korea is seen as an effort by Minister Lee to support the growth of K-beauty. Buoyed by K-beauty's growth, exports by small and medium-sized enterprises topped $64 billion in the first half of this year, setting a record. Cosmetics exports totaled $5.07 billion, up 30.7% from the same period a year earlier, making cosmetics the top export category among SMEs. Basic cosmetics accounted for 74.7% of South Korea's cosmetics exports in the first half. At Kolmar Korea, skincare and sun-care sales account for 50% and 26%, respectively, making up the bulk.
Kolmar Korea plans to strengthen its production capacity, centered on its Sejong plant, to meet global demand for K-beauty. Earlier this year, the company was selected as a reshoring (returning) company after closing its Beijing plant in China and expanding its plant in Sejong City.
Kolmar Korea CEO Choi Hyun-gyu said, "We will work closely with our client companies so that small and indie brands can strengthen their competitiveness in overseas markets, and contribute to the growth of K-beauty."
[email protected] Kang Myeong-yeon Reporter