Korean perfume brands are increasing their presence on the global stage. As the K-beauty sector, which was previously focused on skincare products, expands into 'fragrance,' domestic perfume brands are rapidly opening flagship stores in major cities around the world. Global investments in domestic perfume brands are also continuing.
According to the Korea Customs Service export and import trade statistics released on the 28th, last year, Korea's perfume export value was $386.4 million (approximately 558.3 billion won), representing a 39.9% increase compared to the previous year. Although the proportion of perfume in total cosmetics exports is still only 3.8%, it had the highest growth rate. The items with the next highest growth rates were cleansing products (36.3%) and scented candles and air fresheners (33.9%).
The domestic and international demand for niche perfumes is rapidly increasing. Unlike commercially mass-produced perfumes, niche perfumes are characterized by limited quantities and unique scent compositions. As consumers from the MZ generation (Millennial and Gen Z) increasingly value individual preferences and emotions, niche perfumes, which possess rarity and distinctiveness, are gaining popularity.
Particularly for global perfume brands, various lineups including scented candles, air fresheners, and hand and body washes are being developed as they evolve into 'fragrance brands,’ and the same is true for domestic perfume brands. While previously, the skincare product line led K-beauty growth, now perfume brands are expanding into this area.
Domestic perfume brands are also actively pursuing a flagship store strategy to enhance brand experience. Nonfiction, established in 2019 by CEO Cha Hae-young, opened a signature store in Daikanyama, Tokyo, Japan, last March. The first floor allows customers to experience and purchase perfumes and body and home ritual products, while the second floor is designed as a dessert café capturing Nonfiction's unique sensibility.
An industry official noted, "Japan has traditionally preferred lighter scents, leading to a smaller perfume market, but the atmosphere is changing recently," adding, "Korean perfume brands are gaining attention for their trendy designs and sensory spaces that are rare in Japan."
Tamburins opened a flagship store in Aoyama, Tokyo, in March last year and subsequently set up a store in Hankyu Umeda, Osaka, in April. In October of last year, it opened a large flagship store in Shanghai, drawing attention. The brand identity was highlighted through pink concrete walls and large rose sculptures, and it is becoming known as a photo spot on social media. Tamburins is a perfume brand launched by IAI Combine, which operates the eyewear brand Gentle Monster. It is increasing its overseas recognition by featuring Blackpink’s Jennie as a global model.
There has also been a continuous flow of overseas investment in domestic perfume brands. Bonjak, which operates Selvatica, secured strategic investment from the investment subsidiary Villa Blu of French fragrance company Robertet in July last year. Robertet is a fragrance company that manages all processes from agriculture to scent extraction and perfume creation, providing raw materials to global brands like Chanel and reportedly overseeing 90% of premium perfume brands worldwide.
This marked the first case of Villa Blu investing in a non-European brand. Selvatica will receive support in areas such as ▲ distribution, ▲ intellectual property (IP) operation services, ▲ technology and product development, ▲ networking with global beauty corporations and venture capital (VC) firms, and ▲ attracting subsequent investments in Europe. Selvatica aims to establish a corporation in France and intensify its efforts to tap into the European market. Bonjak also attracted a pre-Series A investment of 2.5 billion won from Eugene Asset Management, AJU IB Investment, and Future Play in January.
"Borntostandout" is also accelerating its entry into the global market. Since its establishment in Seoul in 2022, it has rapidly solidified its presence by entering the luxury distribution networks of over 60 countries within two years. Operated by House by Lim, this brand secured Series A investment from U.S. venture capital Touch Capital and L'Oréal Group's venture fund BOLD in February. The investment amount has not been disclosed.
The domestic perfume market is also experiencing rapid growth. According to market research firm Euromonitor, the domestic perfume market was valued at 531.7 billion won in 2019, but is expected to reach about 1 trillion won this year. An industry official stated, "Korean's unique sophisticated sensibility, differentiated brand stories, and sensory space marketing are combining to elicit fresh responses," and forecasted, "As trends prioritize individuality and preferences, Korean perfume brands will expand their footprint in the global market."