08.01.23
Korea
www.apgroup.com
Sales: $3.3 billion
Key Personnel: Suh Kyung-bae, chairman; Lee Dong Soon, president
Major Products: Cosmetics—Amorepacific, Primera, Soon+, Sulwhasoo, Iope, Odyssey, Laneige, Hanyul, Mirepa, Mamonde, Lirikos, Bro&tips, Innisfree, Outrun, Be Ready, Etude, Easypeasy, Enough Project, Sienu, Espoir, Hera, Rarekind, Holitual, Steady:D; Fragrances—Goutal Paris, Fradore; Medical Beauty—Aestura; Beauty Device: Makeon; Inner Beauty—Vital Beautie and Cube Me; Hair Care—Ryo, Mise en Scéne, Fresh Pop, Labo-H, Ayunche, Amos Professional; Body Care—Happy Bath, Illiyoon, Fillvoid; Dental Care—Median Boncho Study, Pleasia
New Products: Innisfree—Green Tea Seed hyaluronic serum, No-Sebum AC powder; Etude—Curl Fix mascara; Espoir—Be Natural cushion foundation, The Sleek lipstick; Vintage Single Extract Essence
Comments: Sales fell 15% last year for the K-Beauty market leader. Net profit plunged 50%. The company blamed covid-related declines in China and a still-recovering travel retail business.
Last year, Amorepacific launched a “New Beauty” campaign that values “the unique beauty that each one of us has and focuses on its potential.” The company is committed to digitalization to build stronger bonds with Millennial and Gen Z consumers. Along those lines, Amorepacific is committed to drastically reducing products that are out sync with the times.
The tough times continued in the new year. Q1 sales fell 20% and operating profit slumped 52%. Amorepacific’s domestic sales fell 24.6% and international sales dropped 16.8%. The company blamed a double-digit decline in travel retail and e-commerce.
International sales fell 17%, but results were mixed. With China accounting for more than half of revenue, sales in Asia dropped 27%. In contrast, sales in North America (+80%) and EMEA (+94%) soared. Similarly, subsidiary revenue was mixed. Sales of Innisfree (-7.1%) and Osulloc (-4.3%) fell, while sales of Etude (+8.8%), Amos Professional (+7.9%) and Espoir (+1.8%) rose.
www.apgroup.com
Sales: $3.3 billion
Key Personnel: Suh Kyung-bae, chairman; Lee Dong Soon, president
Major Products: Cosmetics—Amorepacific, Primera, Soon+, Sulwhasoo, Iope, Odyssey, Laneige, Hanyul, Mirepa, Mamonde, Lirikos, Bro&tips, Innisfree, Outrun, Be Ready, Etude, Easypeasy, Enough Project, Sienu, Espoir, Hera, Rarekind, Holitual, Steady:D; Fragrances—Goutal Paris, Fradore; Medical Beauty—Aestura; Beauty Device: Makeon; Inner Beauty—Vital Beautie and Cube Me; Hair Care—Ryo, Mise en Scéne, Fresh Pop, Labo-H, Ayunche, Amos Professional; Body Care—Happy Bath, Illiyoon, Fillvoid; Dental Care—Median Boncho Study, Pleasia
New Products: Innisfree—Green Tea Seed hyaluronic serum, No-Sebum AC powder; Etude—Curl Fix mascara; Espoir—Be Natural cushion foundation, The Sleek lipstick; Vintage Single Extract Essence
Comments: Sales fell 15% last year for the K-Beauty market leader. Net profit plunged 50%. The company blamed covid-related declines in China and a still-recovering travel retail business.
Last year, Amorepacific launched a “New Beauty” campaign that values “the unique beauty that each one of us has and focuses on its potential.” The company is committed to digitalization to build stronger bonds with Millennial and Gen Z consumers. Along those lines, Amorepacific is committed to drastically reducing products that are out sync with the times.
The tough times continued in the new year. Q1 sales fell 20% and operating profit slumped 52%. Amorepacific’s domestic sales fell 24.6% and international sales dropped 16.8%. The company blamed a double-digit decline in travel retail and e-commerce.
International sales fell 17%, but results were mixed. With China accounting for more than half of revenue, sales in Asia dropped 27%. In contrast, sales in North America (+80%) and EMEA (+94%) soared. Similarly, subsidiary revenue was mixed. Sales of Innisfree (-7.1%) and Osulloc (-4.3%) fell, while sales of Etude (+8.8%), Amos Professional (+7.9%) and Espoir (+1.8%) rose.