KOTRA Holds K-Beauty Export Consultation with Canadian Department Stores

In Collaboration with Holt Renfrew
Last Year, Canada's Import Volume of Korean Cosmetics Reached $62.59 Million

KOTRA announced on the 5th that it will hold the 'Holt Renfrew Purchasing Policy Briefing and Export Consultation' at its headquarters in Yeomgok-dong, Seoul, jointly with Holt Renfrew, a major Canadian department store.

This event was organized to support promising domestic companies in the premium beauty category (such as cosmetics) to enter the Canadian market. Holt Renfrew, a luxury department store with seven offline stores and an online shopping mall in Canada, is holding a customized export consultation in Korea for the first time.

Before the export consultation, KOTRA Vancouver Trade Office will hold a local beauty market and business briefing for domestic companies wishing to enter the Canadian market. On-site consultations will be conducted between Holt Renfrew and 10 domestic companies, followed by online follow-up consultations. A 'K-Lifestyle in Canada' promotional event is planned to be held at Holt Renfrew stores nationwide in Canada in the second half of this year.

Korea and Canada are celebrating the 60th anniversary of diplomatic relations this year, and trade volume between the two countries has steadily grown since 1963, reaching $10.2 billion last year, a 23.4% increase from the previous year. Last year, Canada’s imports of cosmetics from Korea increased by 20.9% year-on-year to $62.59 million. This ranks third in the Canadian cosmetics import market after the United States and France, and first among Asian countries in market share. The steadily rising popularity of Hallyu in Canada is driving the growth of the K-beauty market.

Jung Wooyoung, Head of KOTRA’s Innovation Growth Division, said, “The collaboration project with a major Canadian department store is an important opportunity for domestic beauty companies to gain momentum for entering the premium Canadian market. We will actively support domestic companies with excellent quality to perform even better overseas.”