Beauty accolade
Dr. Jart+ has made its way onto the Beauty Inc Top 100, an annual ranking of top-selling beauty items and producers due to its strong 2016 annual sales.
Women’s Wear Daily (WWD), the US online fashion journal, announced the prestigious milestone, as Seoul-based Have & Be, which is the parent company of the Dr. Jart+ brand, saw a sales spike of 172% on year to 234.7 bn won (€186.8 bn) in 2016.
WWD noted the importance of the innovative concept behind Dr. Jart+’s “Filter Space in Seoul” as its focuses on healing and wellbeing.
Eyeing up China
The skin care brand, famed for its dermatology roots, BB cream and rubber Dermask facial sheet mask, is now focusing on building its non-domestic presence by opening ten new stores in China.
The announcement comes following its success in the nation’s rapidly growing beauty market, which it first entered in 2013 after introducing its products to Chinese consumers through Louis Vuitton Moet Hennessy-run beauty retailer Sephora and Alibaba-owned e-commerce store, Tmall.
Dr. Jart+ is now available in over 200 Sephora cosmetics outlets in China alone, as well as 31 markets around the world including Japan, the US, the UK, Germany, Russia and the Middle East.
“Our plan is to open 10 additional stores in China by end of this year. We are focusing on large cities in the country, where our trendy target customers can visit and explore the brand,” added Kim.
This move comes amid its phenomenal sales rise. This is despite ongoing tensions between China and Korea as a result of disputes over the latter's decision to employ a Terminal High Altitude Area Defense (THAAD) anti-ballistic missile defence system.
Multiple markets
Despite China being a key growth area for the South-Korean brand, diversification in global markets such as Europe and the US is thought to have softened the detrimental impact that these diplomatic tensions have caused.
The company collaborated with household cosmetics leader, Estée Lauder Companies, in 2015 after it announced it had provided an undisclosed sum for a 33.3% stake in Have&Be, which has also fuelled growth.
“Our overseas markets accounts for about 30% of total revenue,” said John Kim, global business chief of Have&Be, to the press. “We hope they will exceed domestic sales in three to five years.”
“We have also focused marketing efforts for the brand to be recognised as a global brand rather than stressing on its Korean origins,” added Kim.
It also has plans to enter in the Latin American region later this year, as it hopes to strengthen beauty care in South America.
In 2017, Dr Jart+ hopes to achieve its revenue target, which is set at more than 300 bn won (€237.5 mn).