Amorepacific Corporation declared its leap as a 'global brand company' on its 80th anniversary.
Kim Seung-hwan, CEO of Amorepacific Corporation, noted at the 19th regular shareholders' meeting held on the 25th at the Yongsan headquarters in Seoul that, "We will make another leap as a global brand company loved around the world by providing attractive brands and services."
Last year, Amorepacific Corporation recorded sales of 3.88 trillion won, an increase of 5.7%, and an operating profit of 220.5 billion won, a rise of 103.8%. The integration of the popular North American skincare brand "COSRX" as a subsidiary had a significant impact. Additionally, core brands like Laneige gained popularity in Western markets, successfully bouncing back after three years.
Kim emphasized, "To maximize business competitiveness and accelerate growth, we will intensify our efforts to develop new business areas and markets," and presented four strategic directions for this purpose: ▲ Building a competitive brand portfolio ▲ Accelerating global rebalancing ▲ Strengthening global channel responsiveness ▲ Securing a foundation for future growth.
Regarding brand strategy, Kim explained, "We will focus on securing the continuous growth of global leading brands such as Laneige and COSRX, and devote efforts to nurturing the next-generation global brands such as Estra and Hera," adding that they would enhance the attractiveness of existing major brands like Sulwhasoo and Ryoh and continue to introduce innovative products.
Regarding global market strategy, he stated, "We will intensively develop major strategic markets including the United States, Japan, Europe, India, and the Middle East, while planning to finish restructuring our former core market, China, within this year," and added, "We will actively respond to major global e-commerce platforms to expand customer touchpoints."
Additionally, Kim stated, "We will rapidly embrace digital technologies such as AI and data to introduce innovation across our business and enhance productivity," expressing intent to improve organizational competitiveness through digital transformation.
At the shareholders' meeting that day, the appointment of outside directors An Hee-jun, Choi In-ah, Park Tae-jin, and Lee Eu-kyung, as well as the appointment of audit committee members An Hee-jun and Park Tae-jin were proposed and approved as planned. Newly appointed director Park Tae-jin previously served as the chairman of JP Morgan in Korea, and director Lee Eu-kyung is currently a professor at Sungkyunkwan University after serving as the head of the Ministry of Food and Drug Safety.
On the same day, the holding company of Amorepacific Corporation, AMOREPACIFIC Group, held its 66th regular shareholders' meeting and passed a revision of its articles of incorporation changing its name to "Amorepacific Holdings." The company explained that it was a measure to clarify its role as a holding company.