On the 21st, Shinsegae International announced that it will launch Poare, a top-notch luxury cosmetic brand, after 10 years of preparation. Poare plans to enter major domestic department stores such as Shinsegae Department Store Gangnam branch and Busan Centum City branch sequentially starting with opening the first store at the main branch of Shinsegae Department Store on the 25th.
It is showing active steps not only in domestic but also in overseas markets. With the ambition of fostering Poare as a luxury brand that can compete confidently in the global beauty market, we have discussed with local partners to open stores in Paris, France and New York, USA. Currently, in the case of France, the store is opening next year and is preparing to enter the Middle East and China markets.
The beginning of’Poare’ dates back to 2015. Shinsegae International took over the trademark of’Paul Poare’, a French fashion house in 2015, while conceiving a business to foster its own luxury brand 10 years ago. Paul Poare, a brand named after the designer, was launched in 1904 and was loved in the early 1900s. Accordingly, Shinsegae International has focused on reinterpreting Paul Poare, which has a history of more than 100 years, in a modern way, and it is explained that it was produced using only the best raw materials.
For color cosmetics, the color of the base makeup product was increased to suit the overseas market where there are various races and skin colors, and customary product descriptions such as’skin color’ were excluded. The basic product consists of three types: regeneration, elasticity, and nutrition. The product name is written in French according to the brand tradition, and the product package is made with a texture that looks like a reproduction of leather.
Shinsegae International is planning to stand shoulder to shoulder with the world famous cosmetics industry by promoting Poare. Lee Gil-han, CEO of Shinsegae International Cosmetics Division, said, “To create a global luxury brand is the goal of many companies. We have laid the foundation for achieving that goal through Poare.” He then expressed his determination, “I will become a global beauty master that can compete with famous overseas beauty companies in the global market.”
The industry believes that Shinsegae International’s love for cosmetics may be the background of this move. In the case of Poare, for the first time, Shinsegae International is conducting domestic and overseas business simultaneously for its own brand. In fact, an official at Shinsegae International emphasized, “Poare is a brand containing Shinsegae’s long-standing dream to create a global luxury brand.”
This is also supported by the strong will of President Jung, which has been publicly known for a long time, in other words, the brand development movement. Currently, Shinsegae International’s own cosmetics brands include Vidi Beach, Series, Roi B, Swiss Perfection, and Poare, and overseas brands with official domestic rights such as Deep Teak, Bairedo, and Santa Maria Novella have been added.
As a result, the proportion of cosmetics business in Shinsegae International is increasing. In fact, the proportion of operating profit in the cosmetics business last year accounted for 80% of the total operating profit.
As a result, some are predicting that in the near future there will be a change of perception in the domestic cosmetics industry. So far, two representative domestic cosmetic companies have been Amorepacific by Seo Kyung-bae and LG Household & Health Care by Seok-Yong Cha. This is the reason why this has increased.
An industry official said, “Shinsegae International’s cosmetics business, which Jung has worked hard on, is winning and winning in the market.” It will be discussed.”
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