Yesterday, AmorePacific Group released its financial report for the full year of 2024. The report shows that in 2024, the group’s revenue amounted to 4.2599 trillion ($2.95 billion) KRW, a year-on-year increase of 5.9%, while operating profit surged by 64.0% to 249.3 billion KRW($172.7 million). Net profit also saw a significant increase of 178.2% to 652.9 billion KRW($452.3 million).
AmorePacific’s main cosmetics subsidiary achieved revenue of 3.8851 trillion KRW($2.69 billion), reflecting a 5.7% increase compared to 2023. The subsidiary’s operating profit more than doubled, increasing by 103.8% to 220.5 billion KRW($152.7 million). However, domestic revenue declined by 2.4% to 2.157 trillion KRW($1.5 billion), while overseas revenue grew by 20.6% to 1.6789 trillion KRW($1.16 billion).
In South Korea, the luxury beauty segment posted a 2.5% year-on-year revenue growth, reaching 1.2367 trillion KRW($856.6 million), supported by strong sales of Sulwhasoo’s “Concentrated Ginseng” line and key product launches from Hera and IOPE. However, the premium beauty segment declined by 8.3% to 439.6 billion KRW($304.5 million) due to brand reclassification. The daily beauty segment remained stable, rising slightly by 0.7% to 389.2 billion KRW($269.6 million).
Overseas, the Western region (Americas and EMEA) experienced the highest growth, with revenue surging by 105.3% to 694.9 billion KRW($481.4 million), driven by Laneige’s continued success, COSRX’s strong performance, and expanded retail partnerships. The Other Asia region also posted strong growth, with revenue rising by 32.7% to 473.9 billion KRW($328.3 million). However, Greater China revenue declined by 26.7% to 510.0 billion KRW due to the restructuring of offline channels and inventory optimization in major e-commerce platforms.
Among AmorePacific’s subsidiaries, Innisfree and Etude experienced revenue declines of 18.0% and 2.9%, respectively. However, Espoir, Amos Professional, and Osulloc achieved growth, with revenue increases of 20.7%, 6.7%, and 11.7%, respectively. In terms of profitability, operating profit for Innisfree, Etude, and Amos Professional declined, while Espoir and Osulloc recorded improvements.
AmorePacific highlighted that its strong performance in 2024 was driven by international expansion, particularly in Western markets, enhanced product competitiveness, and improved cost efficiency in marketing. Despite challenges in the domestic market and Greater China, the company remains committed to strengthening its luxury and premium beauty categories while capitalizing on growth in emerging channels and global markets.
