Less is more: South Korean firm looks to mature markets to expand minimalist beauty brand
Formulier was established around two years ago by the OEM/ODM company to showcase the best of its innovation.
“We’ve been involved in this industry for 11 years now. In that time, we have accumulated over 2,000 formulas in our lab. So, we chose the best ones to launch into a brand,” said James Sohn, overseas sales team, Colorpink R&D.
Sohn highlighted that Formulier stands out among the ocean of K-beauty products with its strikingly simple black and white packaging.
“This was intentional. In developed countries like South Korea, Japan, Hong Kong and Singapore, things move very fast. Now, people want to slow down and are looking to live more minimalist lifestyles.”
Formulier has primarily been sold through online channels in Korea. The company then launched in Kuwait a year ago along with a range of anti-hair loss products tailored for the market’s male consumers.
Targeting mature markets
Moving forward, the company hopes to expand into countries like Hong Kong and Singapore.
The brand is also undergoing registration in Europe as well and hopes to be able to export to the west soon.
“We’re looking at the well-developed, more mature markets. Consumers there have developed their own taste and they will be able to take such products. Consumers from less mature markets still want things like colourful, fun packaging,” said Sohn.
He added that consumers in more mature markets will be able to appreciate the ingredients in the products.
“Consumers in the more developed markets have a lot of knowledge on ingredients and we have great ingredients. Every single one of our products contain our own patented ingredients. Many of these people want proof so we also have run independent clinical tests to prove our products work.”
One of the ingredients is Atelocollagen, a marine-derived collagen extracted using a technology patented by the company.
Sohn said the company has no plans to expand into China as the market is far too saturated with cosmetic brands.
Instead, it will focus on the aforementioned markets. Additionally, it will continue working on growing the product line which currently consists of facial creams, facial mists, hand softener, hair care and body care.
More brands to promote
Aside from Formulier, Colorpink R&D has another seven brands in its portfolio, including premium skin care brand, Magi Maxx.
The brand is currently three years old and features ingredients found on Jeju Island, including horse placenta.
“Placenta is a powerful ingredient. Usually, you find placenta from sheep, but we own a farm on Jeju Island where we get our horse placenta. We only get placenta from that farm, single origin,” said Sohn.
It is currently selling in Korea duty-free channels and Japan, where horse oil is a common ingredient in cosmetic products.
However, Sohn said the company is planning to expand the product further into Asia into countries like Thailand and Vietnam.