The Ministry of SMEs and Startups (MSS)has announced the launch of the ‘K-Beauty 100-UP Project,’ aimed at discovering and nurturing promising small and medium-sized enterprises (SMEs) in the K-beauty sector. This initiative is a collaboration with Amazon, Kolmar Korea, Cosmax, Olive Young, and Shinsegae Duty-Free.

Cosmetics are the top export item for Korean SMEs. In the first half of 2024, cosmetics exports by SMEs reached USD 3.3 billion, a 30.8% increase from the same period last year, marking the highest performance for the first half of a year. Additionally, exports to the United States surged by 61.5%, making it the largest market for Korean SME cosmetics.

To build on this export momentum, the MSS introduced ‘Measures to Enhance the Global Competitiveness of K-Beauty SMEs and Startups’ on July 24, 2024. The K-Beauty 100-UP Project is a key part of these measures, designed to support SMEs’ exports through public-private sector collaboration. The project’s name reflects the goal of growing SME cosmetics exports to over USD 10 billion by 2027, while the government continues to provide strong support for these businesses.

The K-Beauty 100-UP Project consists of three key programs: the ‘K-Beauty Creator Challenge,’ the ‘K-Beauty Super Rookie with Young,’ and the ‘K-Strategic Item Awards.’

K-Beauty Creator Challenge

In partnership with Amazon, COSMAX, and Kolmar Korea, this program aims to discover and nurture companies poised to lead K-beauty in the U.S. market. It includes two tracks: one for SMEs with high export potential, and another for new product ideas, using insights from Amazon’s market data. Ten companies will be selected—five from each track—and receive support including marketing strategy training from Amazon and manufacturing consulting from COSMAX and Kolmar Korea.

K-Beauty Super Rookie with Young

Partnering with Olive Young, this program identifies promising products with export potential and provides selected SMEs with support for global expansion. Olive Young will assist with global strategy consultations, sales space at key locations, and buyer meeting opportunities.

K-Strategic Item Awards

This program, in collaboration with Shinsegae Duty-Free, selects 15 standout K-beauty SMEs, providing pop-up store opportunities, strategic consultations, and connections to export support programs.

Each program targets SMEs with cosmetics exports of less than USD 1 million in the previous year, with varying eligibility depending on the program. Applications are open for all three programs, though companies may only participate in one if selected for multiple programs.

Minister OH emphasized that while SMEs are driving cosmetic exports, only 10% of these companies, those exporting over USD 1 million, account for 85% of the total exports. She reiterated the government’s commitment to helping more SMEs become global leaders by surpassing the USD 1 million export mark, leveraging the robust export infrastructure of private sector partners.