Hyundai Glovis' K-culture air forwarding business continues to grow. The company is expanding its transportation services to include high-value consumer goods such as popular Korean cosmetics and K-pop albums, as well as art pieces, while accelerating efforts to secure non-affiliated clients.
On August 27, Hyundai Glovis announced that it has secured air transport contracts for cosmetics and albums with A.P.R. and SM Entertainment, and is currently transporting related shipments.
A.P.R.'s cosmetics are being shipped to locations including Los Angeles, USA, London, UK, and Amsterdam, Netherlands, while SM Entertainment's albums are being sent to Chicago, USA. The air transport volume for the two companies contracted in the first half of the year amounts to several hundred tons.
As a forwarder, Hyundai Glovis manages the entire transportation process, from cargo packaging to customs clearance, shipping, and arrival. The company negotiates with airlines to secure flights and transport routes, while also managing the shipping process according to the characteristics of each product.
With the rapid increase in overseas demand for K-beauty and K-pop, the related air logistics market is also experiencing growth. According to customs statistics, the export value of domestic cosmetics to 58 European countries in the first half of this year reached 2.3113 trillion won, nearly doubling compared to two years ago.
During the same period, the export value of K-pop albums surged 125% year-on-year to 382.3 billion won, marking the highest level ever recorded. Exports to the United States alone accounted for 110.1 billion won, the largest among export destinations.
Hyundai Glovis is expanding its air forwarding services beyond general consumer goods to include high-value products in line with the growth of the global e-commerce market. Last month, the company entered the art transport market by shipping artwork by British contemporary artist Damien Hirst to London.
Investment in infrastructure to expand air logistics operations is also ongoing. Earlier, Hyundai Glovis invested 200.6 billion won in a fund for the acquisition of Asiana Airlines' cargo division, formerly Air Incheon, to enhance its competitiveness in air logistics.
Hyundai Glovis stated, "We plan to further strengthen our capabilities in related businesses based on our logistics center at Incheon International Airport, our own air logistics hub."
Meanwhile, Hyundai Glovis is steadily increasing non-affiliated shipments in its core business of finished vehicle maritime transport. Last year, the share of non-affiliated revenue in the finished vehicle shipping (PCTC) sector reached 53%. The company is expanding its volume from European, North American, and Chinese automakers, reducing its reliance on affiliated shipments.
* This article has been translated by AI.
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