06.27.23
Korean beauty, or K-Beauty, has left an indelible mark upon the world of beauty with its introduction of sheet masks, BB creams and serums to consumers’ daily skincare routines.
AS Watson Group, among the world’s largest international health and beauty retailers, and South Korea’s biggest beauty company Amorepacific Group signed agreement in Seoul, Korea to further strengthen the collaboration between the two companies to entice customers around Asia with K-beauty.
“Our strategic partnership with Amorepacific Group started in 2019 and we’re excited to take it to the next level,” said Malina Ngai, CEO of AS Watson (Asia & Europe). “K-beauty products are globally lauded for their use of creative ingredients combined with science-backed formulas. We have observed that K-beauty is widely searched, and we continue to see steady increase in demand not only in Asia but also in Europe.”
She continued, “For the AS Watson Group, we recorded a strong double-digit sales growth for overall K-Beauty products in the [last] 12 months. [By] leverage[ing] our extensive O+O (Offline plus Online) retail platforms across Asia and Europe, I am excited about this strategic partnership with Amorepacific Group to enable our customers to access and experience an even wider range of quality beauty products inspired by the beautiful Korean culture.”
Double-Digit Growth Opportunity in K-Beauty
According to a recent report, global K-beauty products market generated $8.3 billion in revenue in 2021 and it is projected to reach $18.32 billion by 2030, growing at a CAGR of 9.2% from 2022 to 2030. This highlights the significant potential for the K-beauty market.
With over 16,100 stores under 12 retail brands in 28 markets, AS Watson Group offers the trendiest K- beauty products to our customers, making it the go-to destination for K-beauty enthusiasts. Its core customers are predominantly young females who are seeking the latest and trendiest beauty products.
Currently, Watsons is offering Amorepacific's haircare brands RYO and Mise-En-Scene, as well as beauty brands ETUDE and Innisfree to customers in Asia. Mise-En-Scene has been particularly well-received by customers and has been experiencing a compound sales growth of almost 30% since 2019.
More Beauty Brands Inspired by Korean Culture
As part of the strengthened partnership, AS Watson Group and Amorepacific Group will collaborate to introduce more derma and premium skincare brands to AS Watson’s customers in Asia and Europe, such as illiyoon and Aestura. The partnership aims to expand the reach of these brands and provide customers with even more innovative and effective skincare options.