AmorePacific expects Korea pop fervour to boost China sales
The company competes with Procter & Gamble and L'Oreal in China, and has 2,335 stores on the mainland
Shanghai
AMOREPACIFIC Group expects sales in China to jump 30 per cent this year as the South Korean cosmetics maker opens more outlets to capture a wealthier Chinese middle class keen to splurge to look more like their Korean idols.
"China is geographically close and it has a very big population," Suh Kyung Bae, billionaire chairman of the Seoul, Korea-based holding company of AmorePacific Corp, said in an interview. The company recognised the importance of Asia's rising middle class 15 years ago, and this is still one of its main drivers, Mr Suh said. AmorePacific Corp, South Korea's largest cosmetics maker, joins companies such as Hotel Shilla Co and casino operator Paradise Co to benefit from the rising pop…
BT is now on Telegram!
For daily updates on weekdays and specially selected content for the weekend. Subscribe to t.me/BizTimes
Consumer & Healthcare
Hermes Q1 sales jump 17% on strong China demand
Cordlife’s independent auditor to retire after issuing disclaimer of opinion on FY2023 financials
Cutting the cord?: Events leading up to Cordlife’s MOH suspension and arrests of its directors, ex-group CEO
Cordlife customers push for legal action
France's Casino supermarket chain to axe up to 3,200 jobs
Prada outshines rivals with 16% revenue lift boosted by Miu Miu