[Sponsored Report] AmorePacific keeps reaching globally
The company’s globalization strategy dates back to the early 1990s, when it built production facilities in China and France, laying the foundation for what would eventually become a successful global business. Today, AmorePacific has its eye on three lucrative markets: the United States, China and France.
This year, AmorePacific will continue to pursue a globalization strategy centered on its five biggest brands to sustain its upward momentum in Asia and strengthen its presence in developed markets.
With a makeup-wearing population of over 100 million and counting, China has seen its cosmetics market grow by approximately 10 percent every year. As the leading supplier of Korean cosmetics in China, AmorePacific attributes its ever-stronger performance in the country to its new stores, heavy promotion of its best-selling products and active digital marketing.
The United States is also high on the company’s list of priorities, being one of the top three markets for skin care. AmorePacific first attempted to enter the U.S. cosmetics market in 1984, when it set up a branch office in Los Angeles. Despite the ambitious move, the company soon realized its customer base consisted mainly of overseas Koreans.
After experiencing difficulty attracting non-Korean customers, AmorePacific decided that it needed to first build a global brand before it could successfully break into the American beauty industry. The process involved the development of a new corporate identity, during which the company’s current logo was born.
In France, the company has chosen to target the fragrance industry. In 1990, it set up a local subsidiary in Chartres, a city located 96 kilometers (60 miles) southwest of Paris. There, it developed Lolita Lempicka, a perfume brand that was released in 1997 and soon captured the attention of the French public. Within two years, the brand’s market share grew to nearly 1 percent. Its products have also received accolades over the years, being named “Fragrance of the Year” several times in both the women’s and men’s category of the FiFi Awards, widely considered the most prestigious awards ceremony in the fragrance industry.
In August 2011, AmorePacific successfully took over Annick Goutal, a high-end perfume brand created in 1981 by a French pianist and model of the same name.
BY PARK HYE-MI [email@example.com]