[Edaily Reporter Kwon Oh Seok ] IBK Investment & Securities released a report on the 22nd, stating that “next year, we will focus on revenue growth and profitability improvements driven by dermocosmetics” in the cosmetics industry.

Jo Kyung-jin, an analyst at IBK Investment & Securities, stated, “We favor brand companies that have strengthened product competitiveness centered on dermocosmetics and secured visibility for overseas growth and profit increases, and we recommend APR(278470), AMOREPACIFIC CORPORATION(090430), and #d'Alba Global as promising investment stocks.” He added, “In 2027, earnings differentiation will emerge primarily among companies that see expanded overseas sales of dermocosmetic products accompanied by increased sales through existing distribution channels.”
He cited L’Oréal France’s “Dermatological Beauty” division as a prime example of such growth opportunities, explaining, “In the first half of 2026, the division’s revenue increased by 10.6% year-over-year, outperforming the group’s overall growth rate of 6.5%, and its operating profit margin stood at 28.4%, a higher level compared to other divisions.”
Analyst Cho elaborated, “From L’Oréal’s case, we found that brand expertise rooted in dermatology and the competitiveness of high-performance products can be key factors in differentiating a company’s growth and profitability. The company has established expertise by focusing on products that address specific skin concerns—such as improving the skin barrier, hydration, and anti-aging—and has built consumer trust through specialized distribution channels like pharmacies and dermatology clinics.”
He emphasized, “The company is securing additional growth momentum by expanding its product lineup beyond traditional skincare into adjacent categories such as sun care and hair care. This demonstrates that for domestic companies as well, product differentiation and strengthening brand expertise—rather than merely expanding distribution networks—are crucial factors for medium- to long-term growth.”
Despite the high growth in cosmetics exports, the firm judged that, considering the burden of logistics and marketing costs associated with expanding overseas distribution networks, as well as the higher growth baseline, the visibility of profit growth will become more important than revenue growth. Researcher Cho noted, “Domestic cosmetics companies are also expanding their product lines using functional ingredients such as PDRN (a DNA-derived skin-regenerating ingredient), peptides (skin-care ingredients composed of amino acid chains), and exosomes (cell-derived micro-delivery vehicles), while pursuing the launch of new derma brands and entry into specialized distribution channels such as pharmacies.”
He added, “APR is expected to see an increase in global market share through the expansion of MediCube’s PDRN- and peptide-based high-performance skincare products and the expansion of its offline distribution networks in the U.S. and Europe. AMOREPACIFIC CORPORATION possesses a brand portfolio specialized in functional skincare—including Estra, Ilyoon, and CosRX—and is therefore expected to benefit from the growth of the global dermocosmetics market,” he said, adding, “d'Alba Global is expected to strengthen the competitiveness of the existing Dalba brand’s high-performance products and expand its product portfolio through the launch of a new derma brand in 2027.”
However, the company added, “We anticipate that the strong Korean won, the burden of overseas logistics costs, initial expenses associated with expanding new brands and distribution channels, and fluctuations in demand across brands will act as major risk factors.”