AudinFutures "Visit by Minister of SMEs and Startups... Meeting on US Tariffs Held"

Cosmetics specialist Audin Futures announced on the 26th that Minister Oh Young-joo of the Ministry of SMEs and Startups visited the company and held a meeting regarding cosmetics exports to the United States.

The meeting took place on the 21st at Audin Futures' marketing building. Minister Oh Young-joo used this opportunity to assess the impact of the U.S. presidential election results on small and medium-sized enterprises in the cosmetics sector and to discuss measures for response.

The Korean cosmetics industry ranks first in sales among SMEs, with exports heavily dependent on the U.S. market. Audin Futures CEO Choi Young-wook stated, “Currently, we benefit from duty-free exports, but if general tariffs are imposed, prices of all products could rise by more than 10%. Chinese products competing on low prices could see increases of over 60%, which might present another opportunity.”

Minister Oh Young-joo emphasized, “We will promptly identify the difficulties faced by exporting SMEs, prepare countermeasures, and strive to ensure the continued growth of cosmetics exports.”

Audin Futures was selected as a 'Global Small Giant' in the Ministry of SMEs and Startups' '2024 Global Small Giants 1000+ Project.' The '2024 Global Small Giants 1000+ Project' is a national initiative that supports promising SMEs with technological capability, innovation, and growth potential to enter the global market.

Audin Futures is scheduled to enter Walmart Beauty Space offline stores in the U.S. and has successfully diversified its export markets to 28 countries from a China-centered export focus after COVID-19. Additionally, the company has continued strong sales, recording its highest quarterly revenue since COVID-19 through overseas online platforms such as Amazon.

CEO Choi Young-wook stated, “Targeting the Central and South American markets, where interest in related products has increased due to the growth of K-content, we will pioneer new markets through collaboration with local distributors.”