‘Value-for-money’ strategies: Missha aims to replicate South Korea and Japan successes in SEA and US markets
A brand under cosmetics major Able C&C, Missha has opened more than 300 stores in South Korea and established presence in 46 markets worldwide since its launch in 2000.
Its major export markets are in Asia, which constitute about 70% of the brand’s global sales.
Missha has adopted the same “value-for-money” product pricing strategy, which propelled the brand to become a household name in its domestic market, for its overseas ventures.
“In recent years, Missha has strategically focused on increasing its presence in Japan — the second-largest cosmetics market in Asia — and gained popularity, especially in the cushion category. The M Magic Cushion has exceeded cumulative sales of 300m units in the country since its release in 2015. It is a testament that our dedication to affordability and quality resonates with global consumers.
“We believe that Missha is still in early innings of capturing the massive market opportunity outside of Japan, particularly in South East Asia (SEA). We see high potential for growth and are in active discussion with major retailers and distributors in the region. By offering affordable, easy-to-access, and high-quality products, we are confident that Missha can replicate its success beyond South Korea and Japan,” Jaesuk Ahn, CEO of Able C&C US, told CosmeticsDesign-Asia.
Nevertheless, Missha’s appetite for expansion is not limited to Asia.
The brand will be pushing out five of its best-selling ampoules with a brand new look on May 15, specifically for the US market. The products are targeted at various skin needs, including brightening, calming and lifting.
“Missha’s ampoules are one of our best-sellers in the US. The redesigned packaging comprises a minimalist design in a triangular shape, reflecting the brand’s dynamic identity and heritage. The colour of each label represents the primary ingredient of the corresponding ampoule. We believe this is a great opportunity to introduce Missha to new markets and further expand our footprint globally,” Ahn added.
In the post-pandemic era, Missha has observed “multiple signs that the demand for skin care and makeup has finally returned”.
To capitalise on this demand, the brand has recently launched a new campaign named Beauty is Reality, which places emphasis on “attainable beauty”.
In addition, Hollywood actress Elizabeth Olsen, best known for her role as Scarlet Witch in Marvel’s Avengers movie series, has been selected as Missha’s global ambassador and face of the campaign.
“Feeling beautiful is a right, not a privilege. Everyone should be able to achieve their desired level of beauty with effective skin care solutions that won’t break the bank. Moreover, beauty can be found anywhere, even in the most seemingly ordinary moments of everyday life. These beliefs are at the core of our Beauty is Reality campaign.
“Elizabeth Olsen was the one person that Missha had in mind to represent this campaign. She shares honest opinions in media, stands up against crucial global issues, and attracts millions of people around the world with her natural beauty. Her ambition and intelligence transcend her appearance and fame, which aligns with the message that we want to convey,” Ahn explained.