Amorepacific unveils bold growth goals

South Korean cosmetics giant Amorepacific has unveiled its new global business strategy, aiming to strengthen its position as a leader in the beauty industry amid the rising influence of Korean culture.

At its 2024 Investor Day event in Seoul on Tuesday, CEO Kim Seung-hwan and North America regional headquarters CEO Giovanni Valentini presented the plan to around 80 institutional investors and analysts, emphasizing growth opportunities across both advanced and emerging markets.

“As Korean culture continues to resonate globally, the cosmetics industry is seeing significant growth,” Kim said. “Amorepacific aims to further solidify its position in the global market through steady revenue growth and profitability.”

Kim outlined the company’s strategy that centers on four main goals: enhancing brand competitiveness, accelerating global rebalancing, strengthening both digital and physical retail channels and preparing for future growth.

Amorepacific said it will prioritize its core brands -- Sulwhasoo, Innisfree and Ryo -- while developing next-generation brands such as Hera, Aestura and Illiyoon. The company is targeting revenue growth in established markets, including the United States, Japan and Europe, as well as in emerging markets like India and the Middle East. To support this expansion, it plans to deepen partnerships with major retailers, including Sephora, while streamlining operations and enhancing management oversight in China.

Digital transformation is also central to Amorepacific’s strategy, Kim noted, with investments in platforms like Amazon and new initiatives on TikTok Shop. The company is also developing digital tools like the Dr. Amore skin diagnostic system and Custom Match, an AI-powered makeup solution designed to personalize customer experiences.

Amorepacific has further outlined a three-year growth plan, targeting an annual growth rate of 10 percent and an operating profit of 12 percent by 2027.