It was in September 1945, shortly after Korea’s liberation from Japanese colonial rule, that Pacific (the predecessor of AmorePacific) was established. At that time, late founder Suh Sung-whan launched a small shop in Namdaemun Market.
AmorePacific, now 70 years old, has not only established itself as Korea’s representative cosmetics company, but is now a global company enhancing the standing of Korean-made cosmetics in the global market, including China and other Asian countries.
The Air Cushion cosmetic product that made its debut in 2008 has become a hit item, with a sales volume of one every three seconds, by attracting the hearts and minds of women around the world. “Sulwhasoo” has grown into the most popular brand among Chinese and other counties in Asia. Inspired by Asian philosophy, which values harmony between nature and humans and a balance between body and mind, Sulwhasoo revives legendary Asian medicinal herbs with advanced modern science. Sulwhasoo offers the ultimate skin solution that treats the skin from deep inside and delivers holistic beauty where the body and mind are in optimum balance.
To AmorePacific, when the company launched its operation 70 years ago, the Korean cosmetics industry was almost barren. A lack of raw materials to produce cosmetics limited the company severely. Although clumsily-made cosmetics were put on the market, late founder Suh did not choose the conventional easy way.
True to his mother’s business tenets and conviction, Suh Sung-whan focused on producing quality products, despite the initial business hardships he experienced. His mother, Yun Dok-jeong, was a trusted and respected parent and mentor. She possessed many rare qualities such as a strong ability to support her family, a spirit of independence, intelligence, generosity, and compassion for others. She established a store in 1932, and produced and sold camellia oil and other cosmetics. Thanks to her insistence on using only quality ingredients; her efforts to continuously improve hard-learned skills with her innate sense and experience; and her goodwill and benevolence to always have meals prepared for anyone to eat, her business continued to grow and prosper. The young Suh learned the way of merchants under the guidance of his mother, and he grew as a member of the merchants in Gaeseong.
AmorePacific’s initial hit products included Melody Cream that quenched women’s good-quality thirst, the nation’s first pure vegetable pomade, “ABC Pomade, which made men’s hair come alive during the Korean War period. Korea’s first makeup drive, dubbed “Oh My Love,” that hit the nation in 1971 served as an opportunity for Korean women to learn rarely-before seen makeup techniques in the country.
AmorePacific has moved from strength to strength to compete with cosmetics companies in France and the United States.
AmorePacific is the first Korean company to make inroads into foreign markets. The company’s exporting cosmetics dated back to 1954, by launching the brand Oscar. In the early 1990s, the company established a local production base in China and France. AmorePacific has done very well abroad, as the company chalked up 832.5 billion won in overseas revenues, accounting for 52.8 percent of its total sales in 2014. AmorePacific’s growth momentum is noteworthy in China with a makeup market of more than 100 million people; the company’s sales surged 35 percent between 2009 and 2014.
Herbal cosmetics brands Sulwhasoo, Laneige, Mamonde, Innisfree and Etude House have become best-sellers in China and Hong Kong. Riding on the growth momentum, the brand IOPE hit Chinese department stores this year.
AmorePacific’s charming feat corroborates the fact that the company’s shares, less than 10 years after their listing, joined the ranks of stocks with the highest capitalization on the Korean bourse. The company aims to post up to 12 trillion won in sales by 2020 with the goal of becoming a “Great Global Brand Company.”
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