Since Canadian beauty giant Deciem, parent company of cult brand The Ordinary, opened its first standalone store in Gangnam in Korea in 2016, the business has experienced significant growth in the region. According to the brand, the store ranks fourth for the business globally and Korea ranks 11th in the business’ market makeup. The Ordinary’s new store in Yeonnam-dong, Korea. Image: Supplied This week, The Ordinary opened its second physical store in Yeonnam-dong, as the business
business continues its investment into Korea.
Meanwhile, the brand also launched 22 products on Korean online retailer, Market Kurly on Tuesday. Other stockists of The Ordinary in the region include 29CM, W Concept, SSF, Chicor and Olive Young.
“This continued growth displayed a natural demand for a standalone The Ordinary store. We feel fortunate to be launching a second bricks-and-mortar presence in the market in 2020, which will allow us to connect with a wider audience in person,” CEO Nicola Kilner told Inside Retail.
“Although our products are available to order online, the human connection is so important, and we understand the deep personal connection that our customers have with their skin. An additional retail storefront will allow us to share our continued dedication to science-driven, ingredient-focused skincare even further.”
“We have seen an increased demand for skincare advice and education in Korea since we launched our first Deciem Gangnam store in September 2016.”
The Ordinary is all about simple, functional products. Image: Supplied
Beauty is serious business in Korea, where the consumers are highly informed about products and known for their 10-step beauty routines. In fact, the region was described by Goldstein Research as being “a global centre of innovation in cosmetics”, where trends are set and followed all over the world and the focus is on skincare and advancement. According to figures from Statista, revenue in the skincare sector in South Korea amounted to US $6,9540.4 million in 2020 and the market is expected to grow annually by 5.1 per cent.
It may be a competitive market in Korea, but since the pandemic, skincare around the globe has been on the rise and Kilner believes people are going back to basics & re-evaluating the role consumerism played in their lives. The Ordinary is particularly well positioned in this regard, as it is known for its affordable, no-fuss products and formulations.
“People are going out less, so there’s less need for makeup and more time for self-care. I think people want to strip things back and place a value on simplicity and authenticity, which are values that stand very strong for us,” Kilner commented.
“After the pandemic, there’s going to be an increased focus on simplicity and people wondering if they really need so many things.”
Deciem was founded in 2013 and is the umbrella company for more than 10 beauty brands around the globe, operating in more than 15 markets.
