Shinsegae International has transformed the vegan and wellness lifestyle brand Amuse, which acquired 100% equity last year, into a 'cash cow' in the beauty institutional sector.
Amuse announced on the 11th that it recorded second-quarter sales of 19.9 billion won and an operating profit of 2.4 billion won. Compared to the same period last year, sales increased by 57.8% and operating profit by 167%.
For the first half of this year, sales amounted to 32.2 billion won (+26.8%), and operating profit was 3 billion won (+57.9%), achieving the highest performance since the brand's establishment.
The company projected that if this growth trend continues, it could achieve annual sales in the mid-60 billion won range this year. Last year, Amuse's annual sales were 52 billion won.
Thanks to Amuse's growth, Shinsegae International's beauty institutional sector also posted strong results. In the fourth quarter of last year, Amuse's performance was incorporated due to consolidation, which allowed Shinsegae International's beauty institutional sector to set new record sales for three consecutive quarters. In the second quarter of this year, beauty institutional sector sales reached 115.6 billion won, a 9.8% increase compared to the same period last year.
In the second quarter, Amuse achieved good results both domestically and overseas. Domestically, sales more than doubled, primarily driven by health and beauty stores (H&B) like Olive Young. Globally, sales increased by 56.4% compared to the previous year, buoyed by strong performances in Japan and newly-entered countries.
In particular, sales in Japan rose by 54.8%. Amuse entered the largest drugstore chain in Japan, Matsumoto Kiyoshi Group, earlier this year, and is currently located in about 3,000 stores across Japan.
Amuse aims to accelerate its global expansion into the Middle East, Australia, Southeast Asia, Russia, and Mongolia in the second half of the year. The strategy is to target local customers aged 10 to 20 with core products recognized in the global market, such as Gel Fit Tint, Dew Tint, and Ceramic Skin Perfecter Cushion. Preparations for various necessary regulations, approvals, and distribution networks for new market development are currently completed along with the development of target products for each market.
An official from Amuse noted, "We will lead the K-beauty trend with Amuse's differentiated mood and product power, spreading beauty to consumers around the world."