The K-Wave Business Talk event brought Lauren Lee, the CEO of STYLE STORY and Jelly Ko, to the stage to share her journey from discovering Korean skincare to building her own brand that would shape Australia’s perception of K-Beauty. In a fascinating discussion, Lauren spoke about her personal story, the influence of Korean entertainment, and essential advice for budding entrepreneurs aiming to enter the now-global K-beauty market. Here’s a recap of her insights from the event.
From Yonsei University to Founding STYLE STORY: Lauren Lee’s Journey
Lauren’s first encounter with Korea was in 2011 when she attended Yonsei University in Seoul. Immersed in Korean culture, she was struck by the unique beauty standards and innovative skincare products she found there, unlike anything back home in Australia.
“It was like falling down the rabbit hole,” Lauren recounted, describing how she became captivated by the effectiveness and creativity of Korean beauty products.
Upon returning to Australia, Lauren shared these products with friends and family. Apparently, they loved them just as much. Their feedback ignited her entrepreneurial spirit, leading her to start STYLE STORY. It began as a small venture to introduce Australians to Korean skincare. However, it has since evolved into a prominent brand, making K-beauty a household name in Australia.
The Impact of K-Pop and K-Dramas on K-Beauty Business
Lauren highlighted how the global popularity of K-pop and K-dramas has been instrumental in driving interest in Korean beauty products. Fans often notice the flawless skin of their favorite idols and drama stars. As a result, it sparks curiosity about the products they use.
Furthermore, in Korea, there was trend of “PPL” (Product Placement). PPL is where products are frequently featured in dramas and variety shows. Lauren mentioned that certain items become instant hits when endorsed by celebrities, leading to high demand and even sold-out inventory.
One iconic example was the Kahi Multibalm. The product became an overnight sensation after being prominently used by actress Kim Go-eun in the drama “The King: Eternal Monarch.” It was so popular that STYLE STORY struggled to keep it in stock for years. That’s the powerful effect of Korean entertainment on beauty trends.
STYLE STORY and Jelly Ko: Shaping K-Beauty Trends
Transitioning from distributing K-beauty products to developing her own line, Lauren introduced Jelly Ko to offer products that embody the signature “Jelly Skin” look. The hydrated, soft, and bouncy skin with a translucent glow that Jelly Ko products aim to achieve through innovative formulas and premium ingredients.
Lauren also reflected on how K-beauty trends have evolved, from the famous “gradient lip” style popularized by K-dramas to more current skin-focused trends. Now, her brand, Jelly Ko, aims to capture the essence of K-beauty with products that align with today’s focus on natural, glowy complexions.
Advice for Aspiring K-Beauty Entrepreneurs in 2024
Lauren had valuable insights to share for those considering a path in the K-beauty industry.
“It’s not the same market as it was in 2014,” she noted. She further explained that K-beauty has grown beyond a niche category. K-beauty is now mainstream, leading to increased competition and higher customer acquisition costs. Therefore, she advised that anyone entering the market today needs a strategic business plan, a clear understanding of their target audience, and a unique value proposition.
Lauren emphasized the importance of differentiating products and considering niche angles, such as catering to professional estheticians who want to incorporate Korean skincare techniques into their practices. For entrepreneurs, having a deep understanding of the industry and its players is crucial for success in this more challenging and competitive landscape.
K-Wave Business Talk Recap
Want to hear more from Lauren? Watch the full conversation and discover insights into the K-beauty industry’s evolution on Kpoppost YouTube.
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