REACH24H, Mintel & Centric Software Empower 2024 Beauty Seminar

Mar. 29th, 2024

SEOUL, March 29, 2024 – REACH24H Korea, in collaboration with the global market research firm Mintel and the digital transformation solution company Centric Software, hosted the “2024 Beauty Seminar” on March 14th. The event took place at the Oakwood Premier Coex Center in Seoul.

REACH24H Korea has been invited as a keynote speaker based on the strategic partnership between Mintel Korea that they signed last December. The seminar, targeting industry leaders from beauty companies, was held free of charge. It provided insights into strategies for international markets, particularly the United States and Japan, as well as methods for effective data utilization methods.

During the seminar, Seongmin(Mike) Sohn, CEO and Principal Consultant of REACH24H Korea, delivered a presentation on “Cosmetic Regulation Trends for Exporting to China and the United States.” He emphasized that China and U.S. cosmetics exports are to be affected significantly this year due to the recent expansion of regulations on major exporting countries due to the impact of their protectionism.

China CSAR Updates

Notably, he emphasized the upcoming strengthening of safety assessment regulations in China, scheduled for May 1st, and the increased complexity and data submission requirements compared to the current system.

He also addressed other important topics, such as safety data submission for ingredients, including plant extracts, the development of the Chinese cosmetics safety assessor system, and changes in the new cosmetic ingredient (NCI) regulation.

U.S. MoCRA Updates

Regarding the U.S., Sohn discussed the forthcoming U.S. MoCRA regulations, set to take effect on July 1st. He highlighted the expected regulatory changes, which aim to establish a pre-approval system through responsible distributors while granting greater authority rights.

Manufacturers were advised to appoint reliable local U.S. agents and stay updated on product labeling and sustainable regulations. Distributing companies were urged to prioritize compliance with evolving regulations.

During the event, Hwa-Jun Lee, Beauty & Personal Care Analyst at Mintel, presented “Trending Ingredients and Category Expansion Strategies in the Asia-Pacific Skincare Market.” Lee introduced Mintel Leap, a newly developed AI research tool, and demonstrated its capabilities in data utilization and overseas export planning. Attendees gained valuable insights from international company case studies and global trend dynamics.

Hamin Kim, Manager at Centric Software, presented “DX Innovation Strategies of Global Beauty Companies: A Case Study of Sephora.” They are seeking better efficiency and effective management to be utilized as a customized digital tool.

240314 Mintel Centric

In summary, the “2024 Beauty Seminar” provided invaluable insights into the dynamic landscape of the Korean beauty industry. Attendees acquired essential knowledge to navigate regulatory changes, such as those in China and the U.S.

Furthermore, discussions on trending ingredients and category expansion strategies, along with demonstrations of innovative AI research tools like Mintel Leap, underscored the importance of data-driven decision-making and digital innovation in driving success in the global beauty market.

As the industry continues to evolve, REACH24H will play a crucial role in empowering industry players to adapt, innovate, and thrive in an ever-changing regulatory and market environment.