Speaking at the company’s 67th anniversary at its headquarters in Seoul, company chairman Suh Kyung-Bae vowed to turn Korea’s largest cosmetics maker into the world’s seventh largest beauty brand by 2020 through the expansion of its overseas business.
This year has already seen the company use its strength in its domestic market to boost prestige skin care sales, and expand into China with a beauty production and R&D centre, in order to accelerate business growth in China.
Focus on expansion
Consisting of a production capacity of 7,500 tons and 100m products, construction of the building is expected to be complete in March 2013.
In fact, China has been singled out by the firm as a key growth market and integral to its expansion, much in the same way it was for Japanese manufacturer Shiseido.
China has been a key target for many of the global cosmetics players, and AmorePacific invested greatly in the market last year in a bid to mix it with the big boys.
The company boosted its sales channels by gaining door-to-door cosmetics sales rights in Shanghai, as well as strengthening its e-commerce channels and expanding its duty free business.
Record-breaker
The positivity continues too, as last month, the firm’s functional cosmetics brand IOPE also set the highest sales growth in record-breaking time for a single product in the brand's history with the pact-type UV block Air Cushion.
With one product being sold every 30 seconds since it was launched back in 2008, it has achieved a tenfold growth in sales over the past four years.
Furthermore, with the Korean Patent (No. 10-1159877) for the fundamental technology behind Air Cushion Sunblock being acquired this June, IOPE Air Cushion Sunblock has secured exclusive rights in the sunblock market and strengthened its position as a high-tech and innovative make-up product.