SEOUL, Feb.18 (Korea Bizwire) – Changes are afoot in the cosmetics industry, with brand rankings in turmoil. It’s Skin climbed up to rank fourth due to its success with ‘snail cream’, and the formerly fourth ranked Etude dropped to sixth after slow sales continued for two years straight.
According to industry analysts, The Face Shop secured its place at the top after seeing 2015 sales increase by 3.1 percent year over year to 629.1 billion won.
Second ranked Innisfree saw a 30 percent increase in sales (to 592.1 billion won), following closely behind The Face Shop.
AbleCNC’s Missha remained in the third spot for the second year, after seeing a five percent decrease in sales compared to 2014.
It’s Skin jumped two ranks, passing Etude and Nature Republic, landing in fourth with sales increasing by 28 percent year over year to 309.6 billion won.
Officials at It’s Skin said that the company’s success came from the popularity of its PRESTIGE creme d’escargot line, which is also known by its nickname ‘snail cream’. Company representatives added that It’s Skin is widely popular in China, where the company is often referred to by its Chinese nickname, ‘Yisi’.
Nature Republic secured the fifth spot with a 10 percent increase in sales compared to 2014.
On the other hand, Etude, another Amore Pacific brand, saw its sales drop by eight percent to 257.8 billion won. As sales fell two years in a row, the company’s rank in the market also dropped to sixth. Etude officials explained that an increase in investment to restructure distribution channels and renovate stores resulted in a sales decrease.
Cosmetics brand shops became popular in the early 2000s by offering decent quality and cheap prices. The K Beauty craze and an increase in the number of Chinese tourists boosted growth. However, the brand rankings are continuously changing due to new businesses and the appearance of products that hit the popularity jackpot.
Industry watchers comment that brands with a clear concept that are popular in China have a tendency to grow. “Innisfree has a clear message of using ingredients from Jeju Island, and It’s Skin is very popular in China. These are some of the elements that are changing the brand rankings in the market.”
By Lina Jang (email@example.com)