AmorePacific looks beyond Asia for business growth

Cosmetics giant AmorePacific is looking to expand its business beyond Asia in new regions like the Middle East and Latin America with five of its popular brands - Sulwhasoo, Laneige, Mamonde, Innisfree and Etude House.

AmorePacific's expansion strategy is an effort to drive up global sales by 2020 which recorded revenues of 832.5 billion won last year, up 53 per cent from 2013.

The Korea headquartered beauty company is well recognized in Asia Pacific for its colour cosmetics cushion compact, attracting worldwide attention and revolutionizing the make-up routine for women.

The specially-designed urethane foam contains and preserves make-up liquid comprised of foundation, sunscreen and skin care formula.

According to CEO Suh Kyung-bae, AmorePacific will move into the Middle East; specifically Dubai, Saudi Arabia and Iran in 2016 before attempting to crack Latin America the following year.

Still valuing markets closer to home...

While an emphasis is on these new markets, Suh stresses that AmorePacific's eye is still firmly on the ball with what he refers to as Asia's 'megacities' - Vietnam, Indonesia and the Philippines.

The CEO adds that the beauty giant also plans to expand its presence in online shopping malls and duty-free shops in China and other regions, boosted by the surging number of Asian tourists to Korea.

Sales of AmorePacific products at duty-free shops accounted for 20.6 per cent of its total sales last year, beating out department stores at 8.8 per cent.

One to watch

As of January 2015, the Korean cosmetics maker offers a total of 19 Cushion products from its 13 brands in more than ten countries in the Asian and North American regions, leading the ‘globalization’ of the Korean-born Cushion.

“Cushion, created from AmorePacific’s innovative technology, is a revolutionary product that is changing the make-up routines of women across the world and is going to be at the centre of global beauty trend in 2015,” says Suh Kyung-Bae, Chairman & CEO AmorePacific Group.

“AmorePacific will continue to pioneer and lead the global Cushion market with the company’s unparalleled technology and superior products,” he adds.