[News Today] KOREANS LEAD US BEAUTY MARKET

[LEAD]
The 2024 World Korean Business Convention kicks off on the 22nd in Jeonju, Jeollabuk-do Province. It will feature Korean expatriate entrepreneurs that are leading the U.S. black beauty product market. This is also expected to further broaden the appeal of 'K-Beauty.'

[REPORT]
A beauty product store in Atlanta over in the U.S.

It sells a wide variety of beauty products tailored for Black consumers from shampoos to wigs.

The owner of this store is a Korean American.

Charles Suh/ Beauty product wholesale dealer
Korean businesses began quickly entering the beauty industry dominated by the Jewish community some 40 years ago, offering lower prices.

Of some 9,000 beauty product stores across the states nearly 80 percent or about 7,000 are owned by Koreans.

Park Woong/ KBS reporter
Korean businesses have been expanding mainly in Black neighborhoods.

They target black consumers with keen interest in beauty trends and products.

The size of the Black beauty market is estimated to exceed 10 trillion won or some 7.3 billion U.S. dollars annually.

Local companies rely on the distribution network of Korean-American beauty stores.

Pankaj Talwar/ Head, American beauty product company
They have the relationship to be able to take our products and other products into those stores in very quick, easy and reliable manners.

Seventy Korean-American businesspeople leading the U.S. beauty market have visited Jeonju to attend the 2024 World Korean Business Convention.

They intend to introduce Korean beauty products that are popular globally, to American consumers.

Lee Kang-ha/ Head, Georgia Atlanta Beauty Supply Association
We can hold seminars with students and workers in the Korean beauty industry to teach them.

Expectations are high that the Black beauty market in which Korean-Ameican businesses play a big role will help further boost the Korean cosmetics industry.