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Business Standard

Once a billionaire factory, South Korea's beauty industry turns ugly

Pandemic has taken a double hit on K-beauty. Social distancing and remote work have lessened demand for makeup and led to store closures

Topics
South Korea | beauty products | Beauty & personal care

Yoojung Lee | Bloomberg 

Beautycare
The pandemic has accelerated the shift to online in the beauty industry.

Three years ago, Suh Kyung-bae was the second-richest person in South Korea. Today he’s barely Top 10, a stark reversal in a K-beauty boom known for minting billionaires, not breaking them.

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First Published: Mon, December 28 2020. 08:16 IST

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