Korea’s iFamilySC makes inroads into lifestyle sectors for expansion

iFamilySC Co.’s pop-up store at Hyundai Department store [Photo provided by iFamilySC]

South Korea’s iFamilySC Co., a provider of wedding services, is seeking business expansion into lifestyle markets, such as cosmetics and mattresses.

According to sources from the cosmetics industry on Wednesday, iFamilySC, the parent of make-up brand ROM&ND, launched another cosmetic brand Nuse to target consumers in their 30s.

Nuse is based on a concept that combines the pigmentation of make-up products and moisturizing features in skincare cosmetics. The brand unveiled low-sensitive lipsticks and brightening creams that feature skin elasticity and moisturization.

“While ROM&ND has been beloved by young consumers in their teens and 20s, Nuse targets women in their 30s that are more likely to prefer skincare products,” said Kim Tae-uk, chief executive officer of iFamilySC.

As of last year, iFamilySC’s sales totaled 85.3 billion won ($65 million), nearly 95 percent of which was generated from the cosmetic brand. The performance was made in six years since it launched ROM&ND in 2016.

This year, the company will aim to exceed 100 billion won in sales by expanding into overseas markets, launching new brands such as Nuse, and expanding new businesses.

The company’s focus has been on customer satisfaction. The key to its success was that it has kept communicating with customers to understand their needs.

“A one-way approach between enterprises and customers no longer exists,” said Kim. “With the widespread use of social media and digital devices, our marketing strategies prioritizing interaction with customers have worked well.”

The strategies drew the attention from global customers. The company said its cosmetics sales in Japan, Taiwan, and China accounted for more than 60 percent of its total cosmetics sales as of last year.

“In May, the Galeries Lafayette department store in France contacted us and we opened a pop-up store,” said Kim. “We expect to expand our exports to Europe.”

As part of its goals for this year, iFamilySC is expanding its business into the mattress industry. As an exclusive retailer of Jensen Beds, a Nordic manufacturer of mattresses, iFamilySC opened pop-up stores at Hyundai Department stores and Lotte Department stores to showcase the high-end mattresses.

Compared to its local rivals that use celebrities to promote products, iFamilySC aims to raise its market share through interaction with customers in the mattress market.

“High-end Nordic beds that sell for 10 million won per piece in the local market are higher priced at more than 30 million won in Korea because marketing and advertising costs are added,” Kim said.

To avoid this, iFamilySC proposed to Jensen a reduction in the promotion costs to sell products at a price comparable to the local market. The proposal granted the company the opportunity to become an exclusive retailer for the Nordic brand.