Strategies of Industrial Cooperation between Companies of Russia and South Korea in the Field of Cosmetics

South Korea is well-known for its cosmetics all over the world. In Russia they became more popular after 2014. Along with rise of popularity of Korean culture, the public became interested in K-beauty (Korean beauty) and which products are used by consumers in RK. In these favorable conditions the amount of Korean export has greatly increased. Now Korean cosmetics are known for their good quality and level of technological development. The pandemic of COVID-2019 influenced all spheres of trade but did not become the obstacle to the popularity of cosmetics from RK. Mostly Korean cosmetics are bought by China, the USA and Japan. Russian cosmetics market grows every year and mainly relies on imports. Still, the production of Russian cosmetics is slowly increasing and some products are even known in South Korea. RK is an important partner in cosmetic sphere and the amount of import from RK continues to grow even despite the epidemic situation. While Russian producers lack technical resources and equipment for the development and manufacturing of high quality cosmetics, South Koreans usually spend more than 10% of the firm’s budget in R&D. They always look for new unique natural ingredients to attract consumers. At the same time, Russian has access to such resources, for example, Siberian plants and herbs. Consequently, there are many opportunities for Russia and South Korea to cooperate in cosmetic sphere. The main goal of this work is to determine what is the best strategic to use for Russia companies to cooperate with Korean in production of cosmetics and enter its market. The study consists of three chapters where Russian and Korean cosmetics markets, trends, definitions and certification processes are compared. After it the contract production in South Korea, its advantages and disadvantages are analyzed. In order to do that, various resources in Russian, English and Korean are used to approach the question from different angles.