A shopper tries on makeup at a department store in central Seoul on Jan. 29, 2023. (Yonhap)
SEOUL, Feb. 9 (Korea Bizwire) — Major cosmetics companies in South Korea are raising prices, citing an increase in the price of raw materials, amid a hike in demand for cosmetics products after the lifting of indoor mask mandates.
According to industry sources, foreign cosmetic brands Dior Beauty and Tom Ford Beauty, which have boutiques in major department stores, raised the prices of their cosmetics and perfumes by 7 to 8 percent on average starting this month.
Estee Lauder also raised the price of its best-selling serum products by 4 to 11 percent this month.
Budget cosmetic brands are also raising prices. Able C&C recently raised the prices at three brands — Missha, Apieu and Celiapy. In particular, Missha raised the prices of 42 cosmetics products by up to 13 percent.
Hankook Cosmetics Co.’s The SAEM International also raised the prices of 46 cosmetics items such as concealers and eyebrow products by up to 3,000 won last month.
Some analysts said that the cosmetics companies’ price hike spree is bolstered by solid demand.
Ashley Song (ashley@koreabizwire.com)
