Amorepacific Group Posts 249.3 Billion Won in Operating Profit in 2024

Amorepacific Group logged 4,259.9 billion won in sales and 249.3 billion won in operating profit last year.

The figures represent a 5.9 percent year-on-year rise and a 64 percent year-on-year jump compared to 2023.

The high growth rate of the overseas business last year was owed to a rise in both sales and operating profit, centering around Western countries.

Global rebalancing strategies, being implemented by Amorepacific Group, paid off: sales in the American and European regions surpassed those in the Chinese sphere.

COSRX, whose sales were compiled into those of Amorepacific Group at the second quarter of last year, maintained a steady rise in Europe, the Middle East and Africa (EMEA), contributing greatly to the growth of the group’s overseas business.

Laneige, Hera, Aestra, Illiyoon, Labo-H had a good performance among the brands of Amorepacific Group.

Their success was maintained on MBS, a Russian major distribution channel, and other online channels.

Regarding its major subsidiaries, Innisfree and Etude saw sales decline, but Espoir, Amos Professional and Osulloc saws sales increase thanks to strengthened competitiveness.

Amorepacific Group saw the domestic business maintain solid growth on the MBS and online channels through major brands’ renewal of their representative products and the release of new products.

However, it saw duty-free sales continue their drop to 2,157 billion won in 2024, a 2.4 percent year-on-year decline. Domestic cosmetics business saw profitability improve to post a 1.3 percent year-on-year rise in operating profit.

Its luxury brand business, Sulwhasoo saw sales rise due to the renewal of its Concentrated Ginseng Rejuvenating (Jaeumsaeng) line, marketing activities with e-Commerce cooperation omni-channels and the operation of pop-up stores and skin diagnosis services at department stores.

Hera’s renewal “Black Cushion Foundation” ranked first in the Korean luxury make-up sector, proving the standing of Korea’s representative cushion.

The brand saw its presence standing firm by releasing its new product “Rouge Classy” and conducting global promotion campaigns.

In the premium brand sector, Laneige saw its competitiveness rise up due to the renewal “Water Bank Cream” and the release of new products of the line ”Bouncy & Firm,” and the “Cream Skin” campaign with BTS Jin.

Aestura led slow-aging trends through the line “Regederm 365” and ranked 1st in the derma category of Olive Young.

Mamonde successfully entered the super-low price market by achieving the 1 million milestone in cumulative sales four months after its second brand, “Mimo by Mamonde,” was launched at Daiso outlets.

Regarding the daily beauty brand category, Illiyoon placed 1st in the body care, while Labo-H topped the shampoo sector of Olive Young.

Amorepacific Group saw the overseas business maintain a high growth rate, with a focus on Western countries.

The group posted 1,678.9 billion won in sales, a 20.6 percent year-on-year surge over the previous year.

It was the first the portion of sales in Western countries topped that in the Chinese sphere.

The American and European region saw sales jump 83 percent year-on-year due to the growth of major brands, such as Laneige, which maintained the No. 1 position in the lip treatment sector and the effects of COSRX’s entry into the group.

Major brands, such as Laneige and Innisfree, achieved the best-ever performance at Amazon’s “Black Friday Cyber Monday (BFCM)” event.

Amorepacific Group Chmn. Suh Meets with Microsoft CEO Satya Nadella

Chmn. Suh Kyung-bae of Amorepacific Group is to meet with CEO Satya Nadella of Microsoft for discussions on the former employing the latter’s AI technologies on March 25.

Microsoft CEO Nadella is scheduled to attend “Microsoft AI Tour in Seoul,” to be held at aT Center in Yangjae-dong, on March 26.

The meeting is to take place in Seoul one day before the event.

It is the first time Microsoft CEO will meet with the head of the Korean beauty company since 2014 when he took office. While touring Korea in 2022, he met with CEO Kim Taek-jin of NCsoft.

Chmn. Suh has shown an interest in AI and advanced technologies by participating in the CES 2025, which took place in Las Vegas in January.

It was in July 2024 that Amorepacific was selected as the manager of the public-private sector joint startup development program “TIPS,” organized by the Ministry of SMEs and Startups.

The company has invested in promising startups, such as areas related to beauty brand, bio/digital technology, beauty/cosmetics device.