To support its quest for greater dominance in Southeast Asia, the beauty giant has teamed up with Singapore’s research centre — Agency for Science, Technology and Research (A*STAR) — to develop research on innovative technologies.
Collective impact of research
The new laboratory, which sits in Biopolis — Singapore’s bioscience core — will be managed by A*STAR to help pursue research objectives in the Association of Southeast Asian Nations (ASEAN) region, determine upcoming trends and encourage joint research initiatives around the world.
With the joint research drive between AmorePacific and Singapore Bioimaging Consortium, a key bioimaging institute backed by A*STAR, the leading South Korean name hopes to reach new heights with its skin ageing research.
Going forward, the company will strive to improve its position within the ASEAN marketplace through teaming up with local startups and researchers and search for unexplored natural ingredients for new specialised product formulations.
Continuing innovation efforts
The opening ceremony of the Amorepacific Singapore Research & Innovation Laboratory was held on 17th January.
At the event, SimWook Youg, Head of R&D Management Division, AmorePacific, said: “AmorePacific has bolstered its research base for the ASEAN region through cooperation with the world-class research organisation, A*STAR.”
“Combining AmorePacific’s superb research capability with local research insights, AmorePacific is gearing up to provide the most optimised solutions for beauty customers in the ASEAN region,” he went on to say.
Increasing market share in Southeast Asia
AmorePacific has created an extensive network in the ASEAN region, with business in Singapore, Malaysia, Thailand, Vietnam and Indonesia. This has been heavily influenced by growing demand from both the young demographic and middle-class population.
“South Asia is home to 30% of the world’s 30 megacities with a population of over 10 million people,” stated Suh Kyung-bae, Group Chairman, AmorePacific.
“We will work hard to reinforce our presence in Singapore, Malaysia and Thailand and gain broader access to Vietnam, Indonesia, the Philippines and India,” he added.
As the Group makes further plans to achieve its vision of becoming ‘a Great Company’, it will invest in several developments throughout the Southeast Asian market.
It currently has subsidiaries in Singapore, Malaysia, Thailand, Indonesia and Vietnam, and its leading brands Sulwhasoo, Laneige, Mamonde, Innisfree and Etude are growing ever more popular, with 40,000 new customers a month.
With a combined population of 630 mn, the ASEAN region’s cosmetics market is expected to reach 6.2 tn won (€4.9bn) by 2020 compared to 2.4 tn won (€1.9 bn) in 2014 and will remain a target growth area for AmorePacific due to ongoing demand from the middle-class segment.