|▲ Jiwon Bio / CEO Kim Woo-sik|
Jiwon Bio is a South Korean cosmetics company. It makes more than 95% sales overseas with SOQU as the flagship brand. SOQU is aloe vera extract-based cosmetics lined up with soothing gel, collagen toner and emulsion. CEO Kim Woo-sik formed partnership with large distribution companies in Europe and the Middle East and has swept 700,000 USD sales within two years of establishing the company.
The sales reached to 2 million USD in 2016 and the company received the 1 Million Trade Tower Presidential Citation the next year alongside obtaining the Export Promising SME certificate from the Ministry of SMEs and Startups.
SOQU aloe soothing gel is being exported to 20 countries of which 10 are in Europe. SOQU lifting pack in particular is loaded with internationally patented technology and excellent reviews are pouring on social media with photos. Containing hyaluronic acid, the SOQU lifting pack boasts excellence in lifting, whitening and ease of wrinkle.
"I limited the package to a minium necessary to secure price competitiveness while quality intact. I also share 10% of the whole sales to marketing despite the fact that we are an SME. This is because marketing is very important regardless the size of the company for consumers to know there is brand like this on the market. To add one more thing, I participate in as many cosmetics fairs home and abroad as possible to read the trend and to find buyers. These, I think, are the things that have driven Jiwon Bio" says Kim.
Jiwon Bio currently has Hebe Poland, Madame Coco Turkey, PRIMO Europe and Ross USA as partners. Taking the momentum, Kim is pushing forward opening the channels to South East Asia, China and South America through widening the production infrastructure, research and development, industry-academic cooperation and recruiting more specialists.
According to the Ministry of Food and Drug Safety, the volume of domestic cosmetics market grew to 16.3 trillion won (14 billion USD) and the export 7.6 trillion won last year. It is notable that the growth in both home and aborad largely ascribes to excellent performance of SMEs rather than giant companies.
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