SEOUL, Dec. 10 (UPI) -- South Korea's leading school uniform maker, Hyungji Elite. said it plans to enter the teen cosmetics market, with the United States its long-term strategic target.
Toward that end, the Incheon-based company signed a memorandum of understanding with Cosmax, the country's top cosmetics original development manufacturer.
Hyungji Elite said Tuesday that it would leverage its extensive database on teenager customers and their parents, while relying on Cosmax's manufacturing expertise to build new beauty offerings.
The company noted that its initial target will be China and Japan. After taking root in the neighboring countries, Hyungji Elite said that its eventual target is the U.S. market.
According to a recent report from business tracker Mordor Intelligence, the U.S. cosmetics market is valued at about $130 billion this year and is expected to grow to nearly $155 billion by 2030.
