Olive Young Sold-Out Crisis: 10.7 Million Foreigners Swept Up in K-Beauty — Which Stocks Make Money? (Cosmetic Stocks, Stock Price Increase) Independent Research P&J Son Chang-hyun Team Leader

Olive Young Sold Out Crisis… 10.7 Million Foreigners Swept Up K-Beauty / Which Stocks Make Money? (Cosmetic Stocks, Stock Price Increase) Independent Research P&J Son Chang-hyun Team Leader
Watch on YouTube ↗  |  September 04, 2026 at 07:30  |  23:42  |  815 Money Talk (815머니톡)
Speakers
Son Chang-hyun — Team Leader, Independent Research P&J

Summary

Son Chang-hyun, team leader at Independent Research P&J, explains why K-beauty and cosmetics stocks are regaining attention in a weak market. He covers export momentum, record inbound tourism, the shift from China to US/Europe, premiumization toward sunscreen and serum, and the role of global multi-brand shops. He also names specific OEM/ODM, legacy low-price brand, and cosmetics-plus-other-business companies as potential beneficiaries.

  • Korean cosmetics stocks are highlighted as defensive, earnings-backed leaders in a directionless market.
  • Record foreign tourist inflows and Chinese tourists shifting from Japan to Korea are seen as major cosmetics demand drivers.
  • K-beauty sales are shifting from China to the US, UK, France and Europe with margin improvement.
  • The product mix is moving from cheap mask packs toward higher-priced sunscreen, serum and mist.
  • Korean OEM/ODM makers are positioned to benefit from indie beauty brand growth and global retail expansion.
  • The speaker names Cosmax, Hankook Kolmar, Cosmecca Korea and Korea Cosmetics Manufacturing as ODM/OEM beneficiaries.
  • Legacy low-price brands like It's Hanbul, TonyMoly and Able C&C are cited for overseas catch-up potential.
  • Companies combining cosmetics with other businesses such as Dongkook Pharmaceutical, Shinsegae International and Aekyung Industrial are also mentioned.
Ideas
Son Chang-hyun Team Leader, Independent Research P&J 0:46
Korean cosmetics stocks are defensive earnings leaders
The product mix is shifting from cheap, easy-to-switch mask packs toward higher-priced, stickier basic skincare such as sunscreen, serum and mist. Selling a 10,000 won serum at a 10% margin earns much more profit than a 1,000 won mask, and recent results show improving margins. For US sunscreen, OTC/FDA-style certification limits manufacturers to few players like Hankook Kolmar and Cosmecca Korea's subsidiary Englewood Lab, creating a barrier for competitors.
KORU HIGH
Son Chang-hyun Team Leader, Independent Research P&J 4:02
Indie brand growth benefits Korean OEM/ODM makers
Korean OEM/ODM cosmetics makers are key beneficiaries because indie brands now scale globally through SNS and influencers, but still need to outsource manufacturing to companies like Cosmax, Hankook Kolmar, Cosmecca Korea and Korea Cosmetics Manufacturing. Global multi-brand shops such as Olive Young, Sephora and Ulta give these indie products offline experience and volume, supporting continued orders for Korean manufacturers.
Cosmax 161890.KS Cosmecca Korea Korea Cosmetics Manufacturing HIGH
Son Chang-hyun Team Leader, Independent Research P&J 5:58
F&F benefits from foreign tourist MLB purchases
F&F, which owns the MLB brand, benefits from inbound tourism because Chinese consumers prefer buying MLB apparel in Korea rather than China. The Korean-made/original brand image creates a reason for foreign tourists to purchase in Korea, supporting F&F as a tourism-adjacent consumer play.
F&F LOW
Son Chang-hyun Team Leader, Independent Research P&J 16:38
Multi-brand beauty retailers earn recurring entry fees
Global multi-brand beauty retailers such as Ulta Beauty, Sephora and Olive Young run a fee/commission model, taking roughly 20-30% of sales like a department-store or platform fee. As indie beauty brands enter and sell through these stores, the retailers earn recurring, sales-linked fee income, which is why Olive Young is expanding into the US and global chains are widening their footprint.
ULTA MED
Son Chang-hyun Team Leader, Independent Research P&J 19:40
Watch companies mixing cosmetics with other businesses
Companies that combine cosmetics with other businesses deserve attention because cosmetics is becoming a meaningful earnings driver. Dongkook Pharmaceutical's cosmetics sales have grown to about 30% of revenue; Shinsegae International sells fashion and perfume alongside cosmetics; Aekyung Industrial also runs a cosmetics business, providing diversified exposure to the K-beauty theme.
Dongkook Pharmaceutical 003070.KS A122900.KQ MED
Son Chang-hyun Team Leader, Independent Research P&J 20:19
Low-price beauty brands expand overseas now
Low-price legacy Korean beauty brands such as It's Hanbul, TonyMoly and Able C&C (Missha) have not rallied as much as premium/overseas-focused leaders, and they are now building overseas distribution. TonyMoly is preparing to sell through US Costco and Ulta Beauty, and their target market differs from higher-priced brands, so they have catch-up potential.
ITHUF TonyMoly 078520.KS MED
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This 815 Money Talk (815머니톡) video, published September 04, 2026, features Son Chang-hyun discussing KORU, Cosmax, 161890.KS, Cosmecca Korea, Korea Cosmetics Manufacturing, F&F, ULTA, Dongkook Pharmaceutical, 003070.KS, A122900.KQ, ITHUF, TonyMoly, 078520.KS. 6 trade ideas extracted by AI with direction and confidence scoring.

Speakers: Son Chang-hyun  · Tickers: KORU, Cosmax, 161890.KS, Cosmecca Korea, Korea Cosmetics Manufacturing, F&F, ULTA, Dongkook Pharmaceutical, 003070.KS, A122900.KQ, ITHUF, TonyMoly, 078520.KS