Cosmetics Prices
Amid the recent increase in food prices, prices of imported cosmetics will also rise from January next year. The phenomenon is likely to affect the price of local cosmetics brands, and thus expected to aggravate Korea’s rising consumer prices.
According to industry sources on December 26, imported cosmetics brands such as Estée Lauder and Yves Saint Laurent are scheduled to raise the price of most of their products by 4% or 5% as of January 1, 2014. For example, the price of Estée Lauder’s Advanced Night Repair 100 ml serum will increase from US$177 to US$184, a 4% rise (based on the duty-free price).
Yves Saint Laurent already hiked up the price of its products sold at local department stores by 5% this month, and will raise the price of some cosmetics again in January. Guerlain is also reportedly planning to increase its products starting at duty free shops. Bulgari is no exception. It will increase the price of its main perfumes next month. For instance, the price of Bvlgari Pour Homme (100ml) will jump from US$78 to US$80, a 2% increase.
Early this year, imported cosmetics brands hiked prices of their products one after the other, despite the drop in the exchange rate. The price increase of imported cosmetics at the start of the year has been regarded as an annual event in the industry. In addition, the price of internationally-recognized brands of jewelry and luxury watches are likely to rise in the first half of 2014.
With imported cosmetics showing signs of price hikes early next year, local cosmetics brands are likely to increase the price of their products as well. The Face Shop, MISSHA, Nature Republic, Etude House, Tony Moly and others already raised the price of some of their products sold at duty free shops this month.