NEXTEYE Launches Cosmetics Successfully on China

Orders reached 70% in 10 days.

NEXTEYE(137940), a Korea-China cosmetics company, successfully launched cosmetics on SOMIGO, a duty-free shopping platform under Wangfujing, a large Chinese department store group, and BTG Homeinns Hotels.

NEXTEYE announced that the initial amount of cosmetics exported to SOMIGO reached 70 percent of orders within 10 days of its launch on the 18th. NEXTEYE has signed an exclusive supply contract with SOMIGO for Korean cosmetics and beauty devices.

NEXTEYE exported its first batch of 187,810 products with 22 SKUs for cosmetics in January this year. According to the Quarantine guidelines of the Chinese authorities, the products were sold after being quarantined for seven days and the Lunar New Year holiday which is the biggest holiday in China.

According to NEXTEYE, "With the explosive popularity of Chinese consumers, major products, including basic cosmetics have been sold out which exceeding 70% of total orders." adding, "SOMIGO is rapidly requesting exports for secondary shipments, so the third volume export is also expected as early as February."

Currently, the second shipment being prepared will consist of 61 SKUs with a total of 333,155 products.

"We will have a better understanding of what brands consumers buy and what products they like through the SOMIGO platform through the first batch of sales,” a company source said. "We will diversify our products and diversify more SKUs by adding men's skincare products, hair care products, and health care products in the second and third batch of products."

SOMIGO is one of the eight duty-free licenses in China. A global shopping platform based on the customer resources of Wangfujing Group and BTG Homeinns Hotels Group. It will help product suppliers with capital flow through the rapid launch of new products, exemption of complicated foreign exchange settlement system, 15-day settlement cycle, and without duty.