Interview with Mr Hwasic Yoo,
COO of SWISS PERFECTION CHINA
Hwasic Yoo joined SHINSEGAE INTERNATIONAL CHINA in 2018 as the China Chief Operating Officer. He is responsible for the operational management of the company’s various skincare brands. With his keen market sense and rich brand management experience, he has found a precise market positioning in China for SWISS PERFECTION, a luxury skincare from Switzerland. Under his leadership, the brand has achieved rapid growth and entered several luxury 5-star hotel spas and high-end channel businesses in just one year. Mr Hwasic Yoo shares their future view at the beginning of year 2023.
Please tell us about Shinsegae Group, the future development direction and strategy of the group in terms of health?
Shinsegae Group has always been a leader in Korea’s distribution industry. Since it opened the first department store in Korea’s history in 1930, Shinsegae Group and Korea’s distribution industry have gone through a history of 92 years. At present, the group owns a number of department stores and duty-free shops in South Korea, and at the same time acts as an agent for dozens of global luxury brands including: Giorgio Armani, Alexander Wang, Celine, UGG, Chloe, Diptyque, Moncler, etc.
The group began to pay attention to the beauty and health wellness industry as early as 2012, and operated a number of well-known brands in the industry in South Korea, including Vidivici, Evelom, Natrua Bisse, etc. SWISS PERFECTION is also one of the health products under the group. Our development direction is: “from customers an innovative enterprise that seeks opportunities from unmet needs and challenges the status quo in order to strive for sustainable development.” Therefore, we will carefully analyze the market demand of the country where we are located, and formulate and adjust the development plan for this purpose.
You have experienced the epidemic with us for three years when you came to China. What new changes have the health and beauty needs of the Chinese people after the epidemic?
Since 2010, people have continuously improved their self-requirements, which has led to the rapid development of China’s SPA industry. The relationship between our lives and the epidemic has promoted people’s attention to health and driven the consumption tendency of SPA health care projects. In the past few years, China’s consumption structure is facing constant iterative upgrades. Diversified, personalized and high-quality consumer demand continues to increase. The Chinese consumer market has great potential, which has also established SWISS PERFECTION’s commitment to the development of the Chinese market. With great confidence, actively integrate into the new pattern of China’s consumption development, inject new vitality into the Chinese skin care consumer market with continuous product innovation and multi-dimensional product experience, and bring more to every Chinese consumer who pursues individuality and high quality skin care regimen.
You have experienced the epidemic with us for three years now. What new changes you see in China, for the health wellness and beauty needs after the epidemic?
Since 2010, people have continuously improved their self-requirements, which has led to the rapid development of China’s SPA industry. The epidemic has promoted people’s attention to health and driven the consumption tendency of SPA wellness and healthcare projects. In the past few years, China’s consumption structure is facing constant iterative upgrades. Diversified, personalized and high-quality consumer demand continues to increase.
The Chinese consumer market has great potential, which has also been central to establishing SWISS PERFECTION’s commitment to the development of the Chinese market. With great confidence, we are committed to actively integrate into the new pattern of China’s consumption development, inject new vitality into the Chinese skin care consumer market with continuous product innovation and multi-dimensional product experience, and bring more to every Chinese consumer who pursues individuality and high-quality skin care regimen.
For skincare and SPA, what are the preferences of Chinese people, and what kind of products do they like?
Chinese people prefer products that are functional and effective. Due to the rise of new retail, the segmentation of mass consumption is obvious, and more and more people tend to consume experientially, and terms such as personalization, diversification, quality, and high-end luxury have occupied the brand consumption market. As a leader in the Korean distribution industry and with an understanding of the Chinese market, we have introduced a variety of different brands to cater for the daily care needs of teenagers to mature women. For example, the brand VIDIVICI is moderately priced and is aimed at mass consumers, while the brand SWISS PERFECTION focuses on anti-aging with the power of plant living cells. The target consumers are mainly high-consumption groups aged 25-40, and customers aged 30-35 are the main consumers. As a target, this part of the group has a higher demand and consumption power for the quality of skin care products, and is mainly distributed in China’s first-tier to third-tier cities.
For SPA, it is necessary to cooperate with products that have their own brand power for traffic and repeat purchases.
In addition, what’s the new health trends do you see, are currently in the world in terms of other health regimens?
Due to the faster pace of daily life and increasing work pressure, the needs of the new generation of young people such as those born in the 1990s and 2000s are gradually becoming clearer and they are very much related overal to the concept of “health preservation”. There is a very significant new focus amongst this age group on ensuring that every element of lifestyle is in line with the idea of being healthy and feeling good. This is a major change from the approach of previous generations and relates more than anything to the faster flow of information in the digital age. People are much more aware today than they used to be of the consequences of both poor life habits and good life habits than ever before, and everyone is actively interested in making use of new ideas and methods. With the deepening of Internet medical care, science popularization, fitness, etc., emerging health care methods relying on technology and platform empowerment will improve service efficiency. In the post-epidemic era, more consumers’ health care awareness and capabilities will be greatly improved and optimized. This will have a big impact both on the SPA business and also on products sold for home use.
What kind of market demand and consumption will there be in the next three years? What kind of products will continue to be popular?
In the future, this market is certain to continue to grow rapidly, and the demand will become ever more diversified, and there will be more and more obvious differentiation between different product lines. Consumers will be willing to pay more and more to things that pique their interest and also for things that have a certain exquisiteness. Therefore, products with functional products as selling points will be popular. What we have to do is to continue to focus on new groups of people and meet new needs. There is really no limit to the market. The importance placed upon health as a basic element of life will only increase in the future, and it is our intention to always provide the products and results that consumers require. SWISS PERFECTION is a perfect example of a brand that is certain to do well in the future, as the emphasis and focus of consumers shifts. Luxury means quality amd quality is what consumers increasingly require from all products, especially related to health in any way.
