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 popularity of Korean entertainment and culture, especially in neighbouring China. The maker of BB creams and ginseng serums plans to increase the number of Laneige and Sulwhasoo sales outlets in China and work with more online retailers to sell its products, Mr Suh said.
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