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Korean beauty is everywhere.
April 30, 2015
By: TOM BRANNA
Editor
With all eyes in the beauty world still fixed on Korea, it's no wonder that AmorePacific's sales are soaring. In fact, the company's share price has quadrupled since the start of 2014. All of which explains how AmorePacific these days. Sales in China are soaring as young women snap up its cosmetics in department stores and thousands of its own shops. And the growing popularity of K-beauty elsewhere is boosting sales worldwide. The share price has nearly quadrupled since the beginning of last year. All of that is making AmorePacific's Chairman and CEO Suh Kyung-Bae, a very rich man. According to Forbes, two years ago he was worth less than $2 billion; today, Forbes estimates his fortune at $9.2 billion. That makes him the country’s second-richest person on our annual list of the country’s 50 wealthiest, up from No. 5 last year. But Suh and AmorePacific want more. The company is determined to crack the Top 10 list of largest beauty companies in the world. Right now, Suh insists AmorePacific is No. 14. Still a ways to go, but the goal is certainly within reach.
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