Korean beauty giant Amorepacific Group announced that it has signed a memorandum of understanding with A.S. Watson Group to entice customers around Asia with K-beauty.
A.S. Watson Group, the leading international health and beauty retailer, and South Korean beauty giant Amorepacific Group signed a memorandum of understanding to enhance their collaboration and attract Asian customers with K-beauty products. The partnership will entail the exchange of market and customer information, as well as joint efforts in developing brands, products, and marketing strategies.
At present, Amorepacific Group presents its brands, including Innisfree, Etude, and Mise-en-scène, on Watson’s global retail platform. With the recent memorandum of understanding, A.S. Watson Group and Amorepacific Group will work together to introduce more high-end skincare brands, including Illiyoon and Aestura, to A.S. Watson’s customers in Asia and Europe. The goal of this collaboration is to increase the visibility of these brands and offer customers more advanced and effective skincare choices.
A.S. Watson Group stated that the company operates 12 retail brands across 28 markets, with a total of over 16,100 stores. The company provides customers with the latest and most popular K-beauty products, making it a top choice for K-beauty enthusiasts. Its primary target audience consists of young women who are interested in the newest and most fashionable beauty products.
Sangmok Lee, President of Amorepacific Group, said, “Through strengthening our partnership with A.S. Watson Group, we are poised to forge advantageous synergies between two industry leaders to effectively respond to the increasing diverse needs of customers in beauty care.”
Malina Ngai, CEO of A.S. Watson (Asia & Europe) said: “Our strategic partnership with Amorepacific Group started in 2019 and we’re excited to take it to the next level.”
In the year 2022, Amorepacific Group revenues slipped 15.6% to 45 trillion won ($3.46 billion) with net profit plunged 48.9% to 149.2 billion won ($114.7 million). While A.S. Watson Group’s total revenue last year reached HK$169.6 billion ($21.66 billion), down 23% year-on-year.
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