K-beauty and fashion are making waves around the world. Korean cosmetics have surpassed France, a long-time powerhouse, to secure the top position in exports to the United States and Japan, establishing themselves at the center of the global market. The fashion sector is also showing continuous growth. ChosunBiz has conducted relay interviews on the success stories and differentiated product philosophies of beauty and fashion brands recognized overseas. [Editor's note]
The ‘Artis Spread Color Balm (hereafter Color Balm)’ from Son & Park, released last year, led to a nationwide sellout shortly after its launch. With a low price of ‘3,000 won,’ the product gained traction for reportedly performing similarly to Chanel products priced over 20 times higher (65,000 won). Son & Park’s ‘Affordable Chanel Balm’ has become an icon of the ‘Dupe’ trend during times of economic downturn and high inflation. ‘Dupe’ is derived from the English word ‘Duplication,’ referring to the consumer trend of seeking affordable alternatives to high-end brands.
On the 3rd, at the Son & Park headquarters in Seongdong-gu, Seoul, CEO Kim Han-sang explained the development process of the ‘Spread Color Balm.’ Son & Park is a first-generation K-beauty indie brand. The brand's founder, Kim, revived the brand, which faced multiple crises, through innovation and bold changes.
Son & Park is a color cosmetics brand founded in 2012 by CEO Kim in collaboration with renowned makeup artists Son Dae-sik and Park Tae-yoon. CEO Kim established Son & Park after inheriting ‘Chamjoen Cosmetics,’ which was run by his father.
With the halo of a brand created by makeup professionals, Son & Park successfully entered CJ Olive Young, duty-free shops, and Sephora in the United States. However, in 2016, the brand faced difficulties when it parted ways with its iconic figures, Son Dae-sik and Park Tae-yoon, leading to its withdrawal from Olive Young.
Afterwards, Son & Park, which had regained vitality by entering overseas markets like China, faced challenges again due to the COVID-19 pandemic. During this period, the staff count dropped from 40 to about 10. The brand faced an existential crisis. CEO Kim noted, “Sales, which had been in the hundreds of millions of won, plummeted to tens of millions. I had to let go of employees who felt like family.”
However, CEO Kim persevered during this period. He found a way to seize opportunities again through collaboration with Daiso. He opted for a low-cost strategy instead of a mid-range approach. He stated, “I anticipated that as consumption polarizes during economic downturns, the ultra-low-cost cosmetics market would open up,” adding that he proposed collaboration to Daiso in 2022 and began product development shortly after a decision was made.
The product that was born from this collaboration is the hit item Color Balm from Daiso. It took more than 10 months to develop the product. Through this product, Son & Park recorded a sales growth of 140%, reaching 5.1 billion won last year compared to the previous year. CEO Kim remarked, “The success of this product put Son & Park back on track. The most rewarding moment last year was being able to give holiday bonuses to the staff who endured.”
CEO Kim explained that the secret to the success of Color Balm is ultimately its affordable price and good quality. It gained buzz after an influencer posted a video claiming it was similar to Chanel products, however, Son & Park had never sponsored such promotions.
He stated, “Based on the development and planning capabilities we possess for color cosmetics, we reduced all expenses aside from quality,” adding, “We simplified packaging and aimed at the multi-use market known as ‘Lip & Cheek.’” He continued, “We didn’t even conduct major promotions, yet the word of mouth naturally spread, and we appeared in the media.”
CEO Kim emphasized that the collaboration with Daiso became a critical turning point for the reconstruction of the Son & Park brand. He said, “Through our success at Daiso, the awareness of the Son & Park brand as a ‘vegan beauty brand producing quality color cosmetics’ has emerged among the 10-20 age group.” He explained that they successfully transitioned the existing brand image built over the years and secured a new consumer base, which he regards as a more significant resource.
Son & Park’s next goal is to tap into overseas markets. This year, they plan to expand into Japan and North America. The number of offline stores in Japan, including Don Quijote, has exceeded 900. They will also enter the North American online market, including Amazon.
CEO Kim stated, “Our future goal is to accelerate growth overseas,” adding that he expects Son & Park to emerge as an iconic brand of dupe in the increasingly competitive K-beauty industry.”