The North Asian region is L’Oréal’s second largest market after Europe, accounting for close to 30 per cent of total sales in the first nine months of the year.
The world’s biggest beauty player has been taking crucial steps to expand its influence in the region over the past four years.
L’Oréal acquired Nanda, the South Korean lifestyle makeup and fashion brand in 2018. In May, the multinational made its first venture capital investment in the Japanese beauty market, taking a minority stake in Sparty, a pioneer in the personalised beauty space. The startup mainly offers DTC brands, including Medulla haircare and Hotaru skincare, which has become a growing focus on L’Oréal’s corporate radar.
International expansion plans were part of both acquisitions and L’Oréal is launching a Korean-based luxury skincare brand to continue the strategy.
The multinational has teamed with Shilla, the Korean hotel and travel retail giant, and Hong Kong-based Anchor Equity Partners, to launch the Shihyo brand. The first time it has debuted a brand via a joint venture.
The name means “wisdom of time” and the brand’s products are inspired by the 24 seasons of the traditional Asian lunisolar calendar. Following through on this prime number, Shihyo offers 24 ampoules incorporating 24 herbal ingredients harvested at the peak of each season.
All Shihyo formulas, including facial cleanser, essence, moisturiser, shampoo and conditioner, contain the patented Shihyo24 active ingredient, which harnesses the power of science and nature.
Shihyo will launch first in South Korea at the beginning of next year before a major launch in China later in 2023.
Rooted in an exceptional traditional wisdom and knowledge of naturality, Shihyo represents the epitome of Asian luxury beauty, said Cyril Chapuy, President of L’Oréal Luxe.
“Empowered by science, Shihyo delivers the highest skin care quality thanks to its signature patented ingredient, offering the most elevated luxury beauty experience.”
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