SEOUL, Nov. 12 (Yonhap) -- The Korea Trade-Investment Promotion Agency (KOTRA) said Thursday it held export consultations and a briefing session at its headquarters in southern Seoul, inviting representatives of Lyko, the largest beauty retailer in the Nordic region.

The event was organized to help expand the popularity of K-beauty into Nordic markets, as Europe has emerged this year as South Korea's largest cosmetics export market for the first time, overtaking the United States and China.

A total of 73 South Korean beauty companies took part in a briefing on how to enter Lyko's retail network, while the Swedish retailer selected 13 small and medium-sized enterprises specializing in skin care, color cosmetics and hair care for one-on-one consultations.

Maria Silver, Lyko's head of purchasing, who visited South Korea for the event, said the company had identified 13 indie brands whose products stood out for their distinctive formulations and functions, adding that it would actively consider purchasing them.

Headquartered in Sweden, the Nordic region's largest beauty market, Lyko operates 37 offline stores across the Nordic countries and direct online shopping malls in eight European countries, including Germany and Poland. Its product portfolio includes more than 72,000 cosmetics items.

The retailer plans to establish a K-beauty lab at one of its flagship offline stores next year in cooperation with KOTRA. It is also considering partnerships with specialized beauty retailers in South Korea.

According to KOTRA, Sweden's beauty market is valued at US$770 million and has been growing rapidly in recent years.

South Korea's cosmetics exports to Sweden rose to $34 million last year from $6 million in 2020.

"Having confirmed the market's growth potential through this event, we will work with Lyko to accelerate our expansion into the Nordic market, starting with Sweden," said Kim Myung-hee, KOTRA's executive vice president and head of its Industrial Innovation and Growth Division.

jwc@yna.co.kr

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