Hana Securities analyzed on the 24th that Seonjin Beauty Science will benefit from the growth of the sunscreen market.
Seonjin Beauty Science is a cosmetics ingredient specialist company established in 1988. Its clients range from prestigious brands such as Chanel, L'Or?al, and LVMH to Chinese local brands, as well as Korean and American indie brands. It has built a sales network through 26 overseas agencies in 21 countries.
Kim Doohyun, a researcher at Hana Securities, explained, "In Western countries, there was no negative perception of ultraviolet rays as sunbathing had become a lifestyle habit. However, since the US FDA recommended the use of sunscreen to prevent skin cancer, demand has sharply increased."
He continued, "From July this year, the US will implement the Modernization of Cosmetics Regulation Act (MoCRA)," adding, "The main point is that cosmetic manufacturing facilities are required to register with the FDA." Furthermore, he emphasized, "Information on ingredients must also be submitted, and Seonjin Beauty Science, which has FDA approval for its manufacturing facilities and raw materials, is at an advantage."
Researcher Kim predicted, "The in-house brand iRecipe started selling on Olive Young's online mall from May, and this will be reflected in the second-quarter performance."
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