The Seoul Business Agency (SBA), led by Acting CEO Park Bo-kyung, has initiated a significant export strategy dubbed the '2026 ASEAN Strategic Market Entry Project' aimed at supporting local beauty companies affected by the ongoing conflicts in the Middle East. This initiative includes export consultations held in Singapore and Indonesia involving 15 Seoul-based beauty companies seeking new overseas markets.
With the recent prolonged conflict in the Middle East leading to uncertainties in regional stability and logistics, Seoul's beauty firms have faced shipping delays and disruptions in transactions. In light of these challenges, the SBA has identified Singapore and Indonesia as strategic markets with high potential for K-Beauty products, given their robust consumer demand and market growth opportunities.
Singapore is recognized as a premium consumer market with a strong interest in K-Beauty and is home to numerous global brands and distribution channels, making it a pivotal entry point for Southeast Asian expansion. Conversely, Indonesia's large population of around 280 million enhances its standing as a promising market due to substantial K-Beauty demand and growth potential.
From August 25 to 28, export consultations with key local distributors and beauty enterprises were conducted, yielding a total of 312 buyer consultations—165 in Singapore and 147 in Indonesia. The consultations culminated in the signing of eight memorandums of understanding (MOUs), representing an estimated export consultation value of approximately 79 billion won. Additional support was provided through market-entry seminars and visits to key distribution and beauty outlets to enhance market understanding and operational capacity.
The export consultations featured product showcases from participating companies, allowing buyers to experience and assess products directly. Companies were able to distribute product samples and gather immediate feedback on usability and consumer preferences, facilitating discussions about future export and local distribution opportunities.
Notably, these consultations progressed beyond simple introductions, addressing detailed negotiations regarding minimum order quantities (MOQ), initial order volumes, OEM production, pricing, and transaction conditions.
A total of 15 small to medium-sized enterprises from Seoul participated in this initiative, representing various sectors including beauty, beauty tech, and inner beauty. Through consultations with local buyers, these companies successfully established partnerships spanning product supply, distribution network entry, initial orders, and various forms of business agreements.
In Singapore, discussions have matured into concrete supply and distribution agreements. For example, Convenien has negotiated supply agreements for 5,000 OEM products with a local men's beauty company, while Coringen is in talks to enter key distribution and e-commerce channels. Meanwhile, Maru365 is finalizing product arrangements with a retail company specializing in men’s personal care and has established a partnership.
In Indonesia, successful initial order negotiations are also leading to tangible results. Eon International has engaged in discussions with local beauty and healthcare distribution firms for an initial supply of 500 to 1,000 product sets, while Venescent has signed an agreement with a local distributor and is negotiating orders focusing on the Bali region. Additionally, Cosplan and Nextfenja are working towards partnerships with local pharmaceutical and healthcare companies, laying the groundwork for future transactions, while Medipap is preparing for annual supply agreements with local beauty and medical distributors.
Lee Jae-hoon of the SBA's Marketing Headquarters stated, “Given the current instability and logistical challenges in the Middle East, companies in Seoul are facing export difficulties. Singapore and Indonesia represent strategic markets with considerable interest in K-Beauty and significant growth potential. We will continue to strengthen localized outbound support to help Seoul’s SMEs adapt to changing global market conditions and discover tangible business opportunities.”
