Cosmetic company Amore Pacific plans global expansion

Korean cosmetic company Amore Pacific is planning to expand its global base, as part of its long term strategy to become Asia’s number one cosmetics company and one of world’s top five brands by 2020.

The company is planning to boost its best-selling air-cushion foundation under its IOPE brand in Asia, mainly in Japan, Taiwan and China.

Recently, the beauty product seller opened a 41,001m² beauty campus and R&D centre in Shanghai, in a bid to maximise efficiency and offer flexibility to expand further to meet the rapidly growing Chinese market.

Amore Pacific chairman Suh Kyung-bae said: "By 2020, we aim to become a ‘Great Global Brand Company’ with sales target of 15 trillion won and a 15 percent profit rate. To tell you in more detail, we are striving to become Asia’s number one cosmetics company and one of the world’s top five in six years.

"Differentiation is the key to surviving a fiercely competitive cosmetics industry, and Amore Pacific is, without doubt, different from other global companies. We present our own identity," Suh said.

Amore Pacific operates over 2,900 stores of the five brands- Sulhwasoo, Laneige, Mamonde, Innisfree and Etude House.