Modamoda, Simultaneous Entry into China, Japan, Taiwan, and Singapore... Full-Scale Asia Expansion Begins

Products of Modamoda.

[Asia Economy Reporter Moon Hyewon] Modamoda announced that it will start selling on major large shopping platforms in Asia from the 8th. It plans to enter Taiwan's Lazada, starting with China's Tmall and Singapore's Qoo10 and Shopee. Japan is also preparing to sell on Qoo10.

Tmall is China's largest B2C platform with a monthly active user (MAU) count exceeding 500 million. Modamoda will launch its steady seller 'Pro Change Black Shampoo' along with the new product lineup for the second half of the year, including 'Darkening Shampoo,' 'Blonde Shampoo,' and 'Hair Cover Stick.'

The Chinese hair care market size recorded $8.5 billion in 2020, accounting for 11.6% of the global market. According to the global market research firm iSurvey, the interest rate of Taiwanese consumers in hair care products nearly doubled from 35.1% in 2014 to 64.7% recently. The Greater China region is considered Modamoda's largest strategic expansion area for the second half of the year.

Lazada is a dominant player in the Southeast Asian and Taiwanese e-commerce markets. It holds a 48% share of the Southeast Asian online transaction market and has strong influence in Indonesia, Vietnam, Malaysia, Thailand, the Philippines, and Taiwan. Modamoda will enter Taiwan and Malaysia through Lazada and Shopee. Qoo10 is widely used in Singapore and Japan.

Modamoda CEO Bae Hyungjin said, "Last month, we won first place in the North America Awards at Cosmoprof Las Vegas, one of the world's largest beauty expos, which led to numerous inquiries and requests for entry from multinational large shopping malls regarding our darkening shampoo. Modamoda will rapidly expand from Asian online platforms to offline distribution channels, contributing to the resurgence of 'K-Beauty' in the Asian market."