 |
(Amorepacific) |
South Korean cosmetics giant Amorepacific said Thursday that its third-quarter operating profits nearly doubled, driven by strong overseas sales and improved operational efficiency in the domestic market.
According to a regulatory filing, Amorepacific posted revenue of 1.07 trillion won ($775 million) and an operating profit of 75 billion won in the third quarter of 2024, up 11 percent and 160 percent, respectively, year-over-year.
The company attributed this growth largely to its global rebalancing strategy, which boosted sales abroad, with key brands generating 431.3 billion won in overseas revenue -- a 35.8 percent increase from the previous year.
In the Americas, sales rose by 108 percent, supported by strong performances of key brands, including Laneige, Sulwhasoo and the newly acquired Cosrx, a Seoul-based skincare brand with strong appeal in Western markets.
Sales across Europe, the Middle East, and Africa also surged by 339 percent, with Laneige leading growth through newly expanded distribution networks in these regions. Asia saw a 52 percent growth in sales.
Sales on its home turf, however, fell 1.6 percent to 534.5 billion won during the same period, largely due to slowing duty-free sales, while strong e-commerce sales helped improve operating profits overall.
