The U.S. body care brand "Bath & Body Works" confirmed on the 30th that it will increase product prices in the country starting from the 1st of next month.
According to the beauty industry, Bath & Body Works will raise average product prices by 25% starting next month on the 1st. Looking at the price increase rate of representative products, the wellness shampoo and conditioner priced at 27,000 won will increase by 22%, now selling for 33,000 won. The hand cream priced at 8,000 won will be sold for 10,000 won, a 25% increase. The signature body wash, lotion, and mist priced at 19,000 won will be sold for 24,000 won, a 26% increase.
Bath & Body Works is a U.S. corporation that sells a variety of scented household items, including body wash, soap, lotion, perfume, and candles. It operates over 1,900 stores globally. In South Korea, Shinsegae Department Store secured exclusive distribution rights for Bath & Body Works in 2024 and opened its first store in the basement level 1 of Shinsegae Department Store Gangnam.
Currently, the stores operated exclusively are located at Shinsegae Department Store Gangnam, Busan Centum City, and Parnas Mall, totaling three locations. Starting this year, Shinsegae International has taken over the domestic business rights for Bath & Body Works from Shinsegae Department Store, intensifying domestic operations. A Shinsegae International representative noted regarding this price increase, "This is in accordance with the pricing policy of the U.S. headquarters," adding that "the average increase will be 25%."
The multinational cosmetics corporation L'Oréal Group also raised the prices of major products from its premium brands, including Lancôme, Kiehl's, and Yves Saint Laurent, by 1.7% to 3.3% starting on February 1. Shiseido Group, the number one company in the Japanese cosmetics market, raised the prices of over 40 products by 1% to 10% starting on the 17th. The multinational consumer goods corporation Unilever, which operates brands such as Dove and Vaseline, raised the prices of key products by an average of 1.7% in the first quarter of this year.
Industry related sources expect the price increase movements centered around imported brands to become more active. An industry representative said, "As the won-dollar exchange rate rises (and the value of the won decreases), it costs more to import the same products to Korea," adding that "if it becomes difficult to bear the margin decrease caused by the high exchange rate, there will be no choice but to implement a price increase policy."
However, experts point out that this may shift the economic burden onto consumers. Lee Young-ae, a professor in the Department of Consumer Studies at the University of Incheon, said, "Brands might say that there are factors necessitating price increases, but ultimately, it is the consumers purchasing the products who bear all the costs," noting that "if the price increase is excessive, consumers may refrain from choosing the brands, leading to negative consequences."