Since 2008, AmorePacific has been focused on developing ‘industry first’ products such as the multifunctional stamp-type sunscreen and cushion-type cosmetics that received rising preference due to their ability to simplify the daily makeup routine and allow quick and easy touch-ups throughout the day.
This time last year the skin care giant reported it had sold more than 14 million cushion-type products globally and revealed that the domestic markets have been growing rapidly since 2006 at an average rate of 10.4 per cent.
According to Jin-Soo Jeon, vice president of the Luxury BM Marketing department at AmorePacific, the brand’s close connection with the Asian consumer has helped to develop the products for the market, and reach the milestone figure.
“We will continue our efforts to become the No.1 luxury serum beloved among women throughout the world,” he adds.
To date the company has filed 24 patent applications and has been granted seven in South Korea, and plans to file another 27 applications overseas.
"The patents protect innovative and progressive AmorePacific technologies and will continue to drive for innovation and develop products that match our consumer needs," adds director of the company's R&D center, Kang Hak-Hee.
Investing in being an industry leader
The brand has also been awarded with the Korea Technology Innovation Management Award in the last year due to its innovative work on the makeup products.
The company also opened up the Shanghai Production & Research Centre located in the new business area in Maluzhen, Jiading District in an effort to accelerate business growth in China which completed its construction back in March.
The new facility has a production capacity of 7,500 tons and 100 million products, representing a 16-fold increase compared to current production capacity, per year.
China also becoming a lucrative market
China has been one of the most lucrative emerging markets in the cosmetics industry, and according to recent figures from event organisers of PCHi, the market for personal care and home care grew at an annual compound growth rate of over 12 per cent between 2011 – 2014.
And according to market analyst Euromonitor, the BRIC markets have driven growth in super premium beauty products, accounting for 39 per cent of growth over 2005 – 2010, with India, Brazil and China individually contributing the biggest percentage growth globally.