“BIOEFFECT skincare products are the first in the world to contain a plant-derived replica of a growth factor that occurs naturally in the skin and is essential for skin health,”said CEO Liv Bergthórsdóttir.
Over the past decade, the brand has expanded globally and is now available in 27 markets worldwide, including China, Japan, Korea and Singapore.
“We are currently focused on strengthening our existing markets, but are always open to seizing new opportunities. This is especially true for Asia, where sales have grown rapidly in recent years.”said Bergthórsdóttir.
While the company has enjoyed success in Asia, sales recorded a slowdown “huge hit” in the wake of the COVID-19 pandemic, Bergþórsdóttir said.
Now that the pandemic is finally behind us, the company has witnessed a steady recovery in Asia, especially with the return of physical products.
“Our online sales are increasing, but at the same time physical stores are finally growing, post-COVID,” said Bergthórsdóttir.
She emphasized the importance of physical retail for the brand: “While e-commerce is convenient in many ways, interacting with our customers face to face in stores or at special events is invaluable.
“We love meeting, convening and talking to our customers, so we are very grateful for the gradual return of offline retail. We can safely say that we are excited about the time ahead as we will be able to connect more closely with our customers.”
At the same time, Bergþórsdóttir observed certain skin care trends that align with the brand and its products.
“We’ve been seeing some growing trends in skin care lately. These include science-driven skincare, which uses scientific and medical advances to formulate new and truly effective products…. This fits in perfectly with our own ideology, production methods and range. We always say that BIOEFFECT was born out of a true love of science.”
With these factors, Bergþórsdóttir believes its sales in Asia can recover to pre-pandemic levels, when it accounted for 35% of the brand’s total sales. “We expect these markets to be back at that level of total sales.”
Asia currently accounts for 25% of total sales.
The company’s main markets within Asia are China, Japan and Korea. Bergþórsdóttir also highlighted the importance of Singapore, the company’s newest market.
“The brand was launched there during COVID, so we are excited to see the market grow once physical business is back on track and tourism picks up. Singapore is an important hub for many Asian travelers and our products appear to be very suitable for Asian skin.”
In addition to market expansion, the company also focuses on new product developments that meet the demand of Asian consumers.