Sales: $3.0 billion
Key Personnel: Suh Kyung-Bae, chairman and chief executive officer; Young-so Kwon, luxury; Sang-bae Shim, SCM; Dong-hyun Bae, planning and finance; Min-jeon Lee, premium; Hak-hee Kang, R&D; Yoon Lee, human resources and public relations; Chan-hoe Kim, mass market; Jaoe-cheon Yoo, new growth.
Major Products: Cosmetics—Amorepacific, Hera, Sulwhasoo, Lirikos, Verite, Laneige, Iope, Mamonde, TeenClear, Primera, InnisFree, Lolita Lempicka, Odyssey, Etude, Espoir. Personal Care—Mise-en-Scene, Ryoe, Happy Bath, Dantrol, Median, Songyeum; Health Care (including tea, beauty foods/supplements and drugs).
New Products: Time Response Skin Renewal Mist and Intensive Hand Creme, Future Response Age Defense Crème SPF 30, Line Revolution Firming Neck Crème, Moisture Bound Refreshing Masque, Luminous Effect Brightening Serum.
Comments: AmorePacific is the No. 1 beauty company in Korea with a 39% share of the domestic market. Heady stuff, but the company is aiming to become one of the seven largest beauty companies in the world in less than a decade via its Vision 2020 plan. The plan calls for group sales of $8 billion (at 2012 exchange rates), with international sales accounting for 39% of sales. To get there, the company expects to build 10 outer beauty megabrands and five inner beauty megabrands.
To achieve those goals, AmorePacific is committed to maintaining market dominance in the direct sales channel, even as it secures the largest share in department stores by attracting younger consumers. In addition, the company will try to boost sales of premium hair and body care products and expand its offerings in baby care and men’s care and develop products for an aging population.
Last year, international sales accounted for 11% of total turnover, as the company introduced its Mamonde brand in Japan; Sulwhasoo in Taiwan, Thailand Singapore and the US; Iope in Japan and Innisfree in China. To keep growing in China, AmorePacific is expanding both its product offerings and distribution channels in the country, even as it expands into the ASEAN region and India.
For the first quarter of 2013, sales rose 8.4% to more than $723 million billion due primarily to new product launches and accelerated international growth.