Amorepacific to expand in Malaysia
Tan Jee Yee | 07 Dec 2018 00:30
Korean beauty (Kbeauty) is taking the world by storm. According to global market intelligence agency Mintel, the K-beauty industry is among the top 10 around the world, with an estimated US$13.1 bil (RM54.44 bil) worth of sales in 2018.
At the forefront is Amorepacific, the longest in existence when it comes to a Korean beauty company, with a history going back 73 years.
The conglomerate records an approximate US$6 bil in annual sales, and is home to as many as 30 brands including the likes of LANEIGE, Mamonde, Innisfree, Etude House and Sulwhasoo.
It is set to take the Asean market by storm, too, if it isn’t happening already. According to the company, its business in Asean has increased 10-fold in overall sales volume in the last six years. Sales in the region are also showing a steady annual growth rate of more than 50%.
The company adds that it is seeing five times better growth than the 9% expected annual growth rate in the beauty and personal care product markets in the five Asean countries it is in - Malaysia, Singapore, Thailand, Vietnam and Indonesia.
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