THEY GET RICH OFF OF YOU LOOKING GOOD
You go to a beauty supply store or a salon to get your hair extensions or eye lashes. This is called the beauty industry valued at $532 billion and is on a rapid upward trajectory, according to a new report from retail analytics. The global hair wigs and extension market is 2% of that estimated to reach revenues of more than $10 billion by 2023. Who receives the lion share of the dollars received from this market.
Whether you’re in the suburbs of Houston or on MLK Blvd in Anytown, USA, you know what to expect Koreans behind the cash register of liquor stores and beauty supply stores. To add to the supply for the demands, the Koreans are the wholesalers. What is the attraction of Black hair to Korean entrepreneurs? The wig business was doing so well, especially amongst African-American consumers that the Korean Wig Merchants pushed to corner the market. In addition the United States government created a ban on any wig that contains hair from China,” effectively putting South Korea in prime position to exploit the market and so they did. Next in line are East Indians.
The reason why Koreans have cornered the market is because of “Korean immigrants are more concerned with peer competition,” “If one is running a business so well, then another Korean will open up a similar business very quickly” which the end results are beauty supplies in Black neighborhoods. What can be done about this monopoly; nothing, unless you boycott for more Black wholesalers
a Black beauty supply store gets their supplies from, you got it, Koreans. Today, there are over 9,000 Korean-owned beauty supply stores serving a billion dollar market for Black hair. Between manufacturing, distributing and selling these hair care products, Korean entrepreneurs appear to control all major components.